Sustainable Investment
The Scheme’s main objective is to ensure there are sufficient assets to pay the right benefits at the right time to members and their beneficiaries under the Rules of the Scheme.
This commitment is central to how the Scheme thinks about its investments and this is mirrored in BTPS’ responsible investment mission statement:
“The Scheme’s investments should be managed to create sustainable long-term value, supporting the generation of optimal investment returns to ensure the Scheme can pay all benefits in full”.
The implications of this statement in terms of governance, investment strategy, portfolio management and reporting are set out in the Responsible Investment Policy.
In the latest assessment exercise by the PRI, we were pleased to achieve an overall A+ for our work on responsible investment.
The assessment is based on signatory responses to the PRI Reporting Framework and is carried out annually to assess the responsible investment activities undertaken by each signatory during the year.
The scheme also supports the recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD), which can be read in the 2025 TCFD Report.
In February 2026, the Financial Reporting Council (FRC) confirmed BTPS’ continued signatory status to the UK Stewardship Code. The UK Stewardship Code sets high standards with a set of 12 principles on reporting stewardship activities and outcomes which asset managers and asset owners like BTPS must demonstrate they meet.
| BTPS Stewardship Report 2025 |  DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| BTPS Stewardship Report 2024 | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| BTPS Stewardship Report 2023 | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| BTPS oil and gas policy 2024 | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| Responsible investment policy | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| 2020 Assessment Report | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| Thermal Coal Policy 2023 | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| TCFD Report 2025 | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
| TCFD Report 2024 | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
BTPS member visit to Milton Park.
BTPS members visit one of the Scheme’s long-term UK developments.
Climate change
Whilst we are making good progress, we are not complacent. Achieving the reduction in emissions required to meet the 2035 ambition will become challenging as we become more reliant on decarbonisation of the global economy which is dependent on the policy of governments and the behaviour of companies and consumers.
We also recognise the challenges associated with achieving a fair transition. There is a need to balance progress on decarbonisation with social challenges, such as the cost of domestic energy, and the requirement for long-term energy security.
We continue to seek to influence the businesses in which we invest through active stewardship. We also continue to work alongside other asset owners through initiatives, such as the Net Zero Asset Owner Alliance, to assert collective influence. This includes engaging with governments and regulators to contribute actively to the discussion on decarbonisation.
Read more in our Climate Change Policy.
| Climate Change Policy | DOWNLOAD | |
|---|---|---|
DOWNLOAD |
BTPS Net Zero 2035 ambition
BTPS has a target goal to be net zero GHG emissions (absolute scope 1-3) by 2035 and in doing so, to be aligned with the Paris Agreement’s goal of net zero by 2050.
We will seek, over time, to decarbonise the portfolio and investment value chain and make investments that will reduce or remove carbon emissions from the atmosphere.
Our goal is supported by four pillars
Mandates and managers
Stewardship
Advocacy
Voting and engagement
Stewardship is central to our investment philosophy and we seek to act as a responsible and engaged owner of the companies in which we invest.
EOS at Federated Hermes is the Scheme’s primary provider of stewardship services, including voting and engagement. Where engagement is fundamental to the investment strategy and they can demonstrate sufficient capabilities, the Scheme may appoint an investment manager to undertake stewardship services for their specific mandate instead of EOS.
EOS and, where applicable, investment managers are mandated to execute all votes for the Scheme’s directly held public securities. Where relevant, proxy voting activity is undertaken as part of a wider engagement strategy.
More information on the Scheme’s approach to stewardship, together with the latest voting and engagement reports, can be found under the relevant links.
