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To: Minister Heather Humphreys
Don't allow Ireland's new auto-enrolment pension scheme to invest in Fossil Fuels or Arms
Implement the Oireachtas Committee's recommendation to prohibit Ireland's new auto-enrolment pension scheme from investing in fossil fuel companies and the arms industry.
Why is this important?
It is reckless and immoral to fund the fossil fuel industry when scientists are screaming at us that fossil fuels must remain in the ground if we are to have a chance at avoiding the worst scenarios of climate chaos.
Pensions are funds put aside for our future, but there is no decent future on a planet ravaged by runaway climate change. The Automatic Enrolment (AE) Retirement Savings System Bill is an important piece of legislation which is being designed to simplify the pensions decision for workers and make it easier for employers to offer a workplace pension. Initially, approximately 750,000 workers will be enrolled into the AE pension scheme and that number will grow significantly over time. The pensions will be topped up, not just by employers, but also by state contributions. Therefore if these pension funds are invested in fossil fuels, the state too will be culpable.
The Joint Oireachtas Committee on Social Protection reviewed the draft Bill that would establish the AE pension scheme and included in its report the recommendation, "The Committee recommends that the investment funds be prohibited from investing in fossil fuels or the arms industry." https://data.oireachtas.ie/ie/oireachtas/committee/dail/33/joint_committee_on_social_protection_community_and_rural_development_and_the_islands/reports/2023/2023-05-03_report-on-pre-legislative-scrutiny-of-the-general-scheme-of-the-automatic-enrolment-retirement-savings-system-bill-2022_en.pdf
In 2018, Ireland became the first country in the world to divest from fossil fuel companies. It would be a huge step backwards to start investing vast sums of taxpayers', workers’ and employers’ money in those same fossil fuel companies again now.
We call on Minister Heather Humphreys, as the Minister responsible for introducing the legislation establishing the AE Pensions Scheme, to implement the Oireachtas Committee's recommendation and keep this new pension fund from funding the escalation of climate disasters and wars.