Online pension provider PensionBee has confirmed plans to launch a fossil fuel free fund late this year in collaboration with Legal & General Investment Management (LGIM).

The fund launch follows pressure on LGIM from PensionBee and other clients, who have raised concerns on the inclusion of oil giant Shell in the climate-conscious Future World fund.

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A survey undertaken by PensionBee showed that over a third (34%) of its customers in their Future World Plan think the time for engagement with oil companies is over.

According to the survey of 2,000 customers, 63% of consumers advocate for investing in an ‘engage with consequences’ approach when it comes to oil companies, with 15% favouring outright removal and 21% opting for a do-nothing approach.

Last year, PensionBee chief executive Romi Savova wrote a public letter to Legal & General, saying that even though Shell has made some progress in the right direction, its customers are asking us on a daily basis whether Shell’s business model is sufficiently transitioning to a low carbon economy to warrant continued inclusion in this responsible investment plan.

Thew online pension provider manages about £750m-worth of client assets for over 75,000 customers.

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PensionBee head of corporate development Clare Reilly said: “Our new fossil fuel-free fund will finally offer consumers a practical way to completely exclude oil from their investments.

“We hope this is just the start of all savers using their investments to transform the world they live in – for the better of the planet, society and their retirement.”