News in brief - 18 June 2021

PensionBee has joined the Social Mobility Pledge, a campaign aimed at increasing career opportunities for those who have experienced disadvantages.

The three-point pledge includes a commitment to work with schools, offer work experience, and to use inclusive retirement practices. As part of its work to meet these commitments, PensionBee is developing its own work experience programme, and will be extending its partnership with several London-based schools to provide careers support and financial literacy education. The work is expected to help address the lack of diversity in the pensions and wider financial services industry by creating increasing familiarity around the sector.

Pension Insurance Corporation (PIC) has invested a further £175m to fund solar energy.

The £175m of senior secured debt funding, provided as sole investor, will fund 18 solar parks, building on PIC’s existing £777m investment into solar energy to date. The solar parks, owned by Q-Energy, have been in operation for 13 years and benefit from the Spanish regulatory framework for the full term of the bond, which structures payments from the Spanish electricity system and guarantees an agreed level of return, in turn ensuring predictable cashflows to back PIC’s pension liabilities. PIC also reviewed the community impact, potential environmental disruption and project accountability of the project, and will continue to review these factors on an annual basis in future.

Aegon employees have raised £20,000 for charity after walking more than 127,000km.

More than 100 teams of six people entered the Around Aegon in 42 days challenge, with each team challenged to complete 1,332km. In total, participants racked up more than 127,775km, representing more than three trips round the world, with 59 teams completing the challenge and raising a total of £6,670. Under Aegon’s new corporate fundraising matching policy, this was then doubled and matched to reach a total of £20,000 for Aegon’s national charity, The Prince’s Trust, and nominated local charities.

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