Fintech provider Tumelo has partnered with Sipp provider Penfold to launch a new service that allows savers to see in more detail where their pension is invested.
This ‘Have Your Say Dashboard’ will be available on the Penfold app, and will show which businesses have AGMs approaching and what issues are being discussed. Tumelo says this will enable users to tell fund managers how to vote.
Tumelo also operates similar technology within the workplace pension sector, giving pension savers the opportunity to register their opinion on a range of ESG-related issues. The fund managers submit the legal vote on behalf of savers and report the final outcome through the dashboard.
Launching the app, Penfold published research showing that two thirds of consumer did not know where their pension was invested.
The survey also found there was considerable demand for more environmentally-friendly pension options: with 20 per cent of consumer saying they wanted their pensions invested in renewable energy and a further 20 per cent wanting to invest in healthcare.
The science and pharmaceuticals industry also ranked favourably, with 16 percent of consumers stating they would like to see their pension invested in this area. A further 16 per cent would also like to see their pensions invested in the charity and voluntary sector.
Georgia Stewart, co-founder & CEO of Tumelo says: “We are delighted to partner with Penfold and enable their savers to have a voice on how the companies their pension is invested in are run. Penfold’s platform is changing the way people view and interact with their pension. It’s no longer just a matter of financial returns – people are starting to understand that their investments can be a powerful force for good and that their investments should give them a say on key issues such as climate change, gender equality and human rights.
Chris Eastwood, co-founder of Penfold, said: “We want our customers to easily see exactly where their money is invested. Our new ‘Have Your Say Dashboard’ allows savers to vote on what matters to them. The fact that people want to see their money invested in renewable energy and the charity sector shows that people care about where their money is invested – but they can’t always easily find this information.”
Current issues available for users to vote on include:
- Should Amazon have to report on its plastic pollution?
- Should McDonald’s report on the use of antibiotics in its meat?
- Should Shell set new targets to limit global warming?
- Should Coca Cola report on how its sugary products affect public health?
- Should Boots’ parent company stop selling tobacco?
