Statement: Pension funds gamble on their members’ future with risky LNG Canada investment
By investing billions in LNG Canada through American private equity funds, four of Canada’s largest pension funds have ignored their core obligations to their contributors and beneficiaries. These pension funds are gambling their own members’ retirement savings on a high-risk, highly-polluting LNG facility that’s harming local residents and contributing to catastrophic climate change.
Shift warns Canada's Chief Actuary is severely underestimating climate risks to public pension plans
Shift, represented by environmental law charity Ecojustice, has written to Canada's Office of the Chief Actuary (OCA) warning that the OCA is severely underestimating the systemic financial risks of climate change in its valuation assessments. Shift and Ecojustice are concerned that the OCA is failing to assess the cascading economic and financial impacts of a rapidly warming world. This could have potentially severe consequences for the Canada Pension Plan (CPP) and the Public Sector Pension Plan (PSPP), which collectively have more than $1 trillion in retirement savings under management on behalf of millions of Canadians.