PensionBee, a global enabler of the consumer retirement market, has reportedly achieved its highest-ever environmental, social, and governance (ESG) rating from EthiFinance, scoring 86/100 in their latest assessment report.
The EthiFinance ESG Ratings, which aim to effectively evaluate firms on a scale from 0 to 100, provide an extensive assessment of performance “across four key pillars” – which include the following: Environment, Social, Governance, as well as External Stakeholders.
This recent report has reportedly seen PensionBee increase its scores in three of the four groups, receiving “full marks” in the environment category.
EthiFinance’s “rigorous” rating framework is said to be based on around 140 different criteria, updated annually to reflect evolving ESG risks and sectoral challenges.
The 2024 score has been determined via a “meticulous” five-step evaluation process, which included the collection as well as the verification of public ESG data from the last 3 years, ongoing dialogue/discussions with PensionBee in order to clarify data, and a “thorough review to ensure consistency.”
Clare Reilly, Chief Engagement Officer at PensionBee, said that they are pleased to see their continuous efforts in advancing “sustainability” along with more “responsible” business practices recognized in this year’s EthiFinance report.
Reilly added that achieving an ESG score of 86 reflects their determination to enhance year-on-year and underlines their dedication to creating “long-term value” for customers and the planet.
Reilly also noted that they stay committed to driving “positive impact” as well as transparency across every aspect of the business.
In a separate recent update from the firm, it was noted that pension funds are delivering more sizeable returns than UK savers had been expecting with average annual growth during five years reportedly nearing 8% for those 30 years from retirement. This, according to an update from PensionBee.
PensionBee’s Pension Performance Benchmark analysis, which has reportedly examined a number of major UK pension providers, indicates that savers would be underestimating the potential growth of their pensions, as an earlier PensionBee survey revealed that over a third of savers – aged 18 to 54 – expect returns anywhere between 5% and approximately 7%.
This latest research / analysis of pension fund performance – using industry data provided in Corporate Adviser’s Master Trusts and GPP Defaults Report – indicates that large pension funds have provided an average annual return of 7.72% during the last 5 years for those 30 years from retirement.