Neil Duncan-Jordan MP’s campaign aims to ensure pension funds benefit the contributors, promote ethical investments and support social good.

During the Pension Schemes Bill debate, Mr Duncan-Jordan said pensions are “a force for social good” and highlighted the potential power of pension funds to reshape the economy in favour of ordinary people.

He said: “These funds represent the deferred wages of millions of workers.

“Directing them toward socially beneficial projects is one way the government can rewire our economic model so it delivers for ordinary people.”

Key objectives of the campaign include funnelling workers’ money into stable sectors like green technology and social housing.

The proposal also suggests divesting pension funds from fossil fuels, given the environmental crisis described by Mr Duncan-Jordan as “the greatest challenge facing Government.”

He added: “Workers’ wages should not be fuelling the climate catastrophe.

“Fundamentally, there is no retirement without our environment.”

The Progressive Pensions initiative also includes a call to prevent Local Government Pension Schemes from investing in companies complicit in war crimes.

Highlighting this point, Mr Duncan-Jordan said: “This would ensure pension funds are not complicit in war crimes or human rights abuses.

“Most workers would be horrified to know their savings were tied to such actions.”

The campaign also calls for increased worker and trade union representation on pension boards, citing this as crucial in influencing investment decisions.

Mr Duncan-Jordan said: “Having a seat at the table is one way in which we can influence how money is invested.

“That is why it is important that we ensure trade unions have a voice on all future pension boards and committees, as outlined in my amendments.”

He concluded his speech by underlining the potential of the Pension Schemes Bill to drive long-lasting change, saying: “The £3 trillion in UK pension funds could be used to address the historical transfer of wealth away from ordinary working people toward the wealthiest individuals and corporations in our society.”

“The call to use our money and make pensions more progressive is therefore overwhelming.”