'You’re picking up the tab!' Taxpayers face footing bill for MPs’ £862million pension fund (0.00851063829787234)
<iframe frameborder="0" height="100%" scrolling="no" src="https://www.gbnews.com/res/scraper/embed/?video_url=https%3A%2F%2Fmm-v2.simplestream.com%2Fiframe%2Fplayer.php%3Fkey%3D3Li3Nt2Qs8Ct3Xq9Fi5Uy0Mb2Bj0Qs%26player%3DGB003%26uvid%3D52834055%26type%3Dvod%26viously_id%3DOi6zskyLx3v" width="100%"></iframe><br/><p>British taxpayers could soon face footing the bill for MPs’ £862million pension fund after the scheme fell short of its investment target last year.</p><p>In the year leading up to March 2024, the pension pot failed to reach its investment target by a whopping 25 per cent, damning records reveal. </p><h3></h3><br/><p>The missed target comes amid furious accusations that the parliamentary pension scheme has excessively invested in certain organisations, including those addressing environmental, social and governance (ESG) issues.</p><p>Such funds go towards “ethical” goals - such as backing female corporate representation and decarbonising the economy. </p><h3></h3><br/><img alt="Richard Tice" class="rm-shortcode" data-rm-shortcode-id="789fff6a647205a6371ed504595322f0" data-rm-shortcode-name="rebelmouse-image" id="d8b77" loading="lazy" src="https://www.gbnews.com/media-library/richard-tice.jpg?id=59803443&width=980"/><h3></h3><br/><div class="embed-latest"></div><h3></h3><br/><p><br/></p><p>In a letter to the fund’s fiduciaries, Reform’s deputy leader Richard Tice lamented that the scheme has prioritised “political ideology ahead of their fiduciary duties” by investing in environmental, social and governance funding, The Telegraph reported.</p><p><span></span>Tice has warned that British taxpayers’ will be forced to swallow millions of pounds as a result of the scheme’s poor investment choices.</p><p>He added that the investment revealed a “huge swing in favour of ESG investing” and as he issued a stark warning that there was a “serious risk that the scheme cannot meet the benchmarks”, in correspondence shown to The Telegraph.</p><p>“As a result, taxpayers will probably be forced to pick up the tab,” the MP for Boston and Skegness suggested.</p><p><strong>LATEST DEVELOPMENTS:</strong><br/></p><ul><li><a href="https://www.gbnews.com/politics/us/donald-trump-tariffs-stock-market-starmer-eu-meetings" target="_self">Trump’s trade war TAKES EFFECT as $5tn stocks wiped out and Starmer scrambles tariff ‘meetings’</a><strong></strong></li><li><a href="https://www.gbnews.com/membership/david-starkey-issues-serious-tax-warning-over-rachel-reeves-plan-for-workers" target="_self">David Starkey issues serious warning over Rachel Reeves' plan for workers</a></li><li><a href="https://www.gbnews.com/politics/nigel-farage-keir-starmer-labour-migrant-crisis-reform-uk" target="_self">'Red warning!' Starmer's migration problem risks Labour's attacks on Farage falling on deaf ears</a></li></ul><h3></h3><br><div class="embed-dontmiss"></div><h3></h3><br><p>“The result is multiple renewable-style investments, presumably all part of the establishment’s obsession with net zero,” he said.</p> <p>A portion of the funds was poured into certain environmental investments - involving a renewable infrastructure project controlled by BlackRock - whose two top investors have since gone bust. </p> <p>The MP added: “Analysis of the fund’s returns indicate this is a significant cause of the above underperformance.</p> <p>“Many global fund managers are abandoning ESG requirements due to underperformance. The trustees should be doing the same – but are doing the exact opposite.”</p><h3></h3><br/><img alt="Commons" class="rm-shortcode" data-rm-shortcode-id="67ef57b4b68ac61b6ee9f3a90f3f5068" data-rm-shortcode-name="rebelmouse-image" id="9f5ba" loading="lazy" src="https://www.gbnews.com/media-library/commons.jpg?id=59803479&width=980"/><h3></h3><br/><div class="embed-mostread"></div><h3></h3><br/><p>The pension scheme is reviewed by the Treasury once every three years and considers if taxpayers’ should contribute a greater amount towards the pot. </p><p>Given the fund is performing poorly, this failure to succeed means that taxpayers’ contributions could be hiked soon.</p><p>Since 2021, the funds have dropped - which coincides with the decision to invest in primarily environmentally sustainable investment pots.</p><p>GB News understands that the Parliamentary Contributory Pension Fund received the deputy leader's letter on Friday and is due to issue a response regarding the matter. </p><p>It is also understood that the funding has increased from 104 per cent to 122 per cent, as records show.</p></br></br>
