Public sector superannuation members have been advised that a new Sustainable Balanced investment plan is to be available for GESB Super, West State Super and Retirement Income Allocated Pension members from 27 September 2023.
The super plan managers said the plan would provide the option to invest with a greater focus on environmental, social and governance (ESG) considerations.
“We’re committed to responsibly managing our investments on behalf of members, which means we take ESG factors into account when making decisions across the portfolio and throughout the entire investment process,” the managers said.
“However, we recognise that some members would like the option to invest their super with an even greater focus on ESG,” they said.
They said that was why they were introducing the Sustainable Balanced investment plan for GESB Super, West State Super and Retirement Income Allocated Pension members.
“The Sustainable Balanced investment plan will be a Readymade plan, which means, like other Readymade plans such as My GESB Super and My West State Super, it will invest in a select combination of asset classes to meet a set risk profile,” they said.
“What makes this plan different is that the investments within certain asset classes will be selected to meet stricter ESG criteria and a greater emphasis will be placed on exclusions.”
They said the exclusions meant that certain industry sectors, companies or issuers may be removed from the portfolio if they meet specific exclusion criteria or definitions.
“The exclusions we apply across our whole portfolio mean that we do not invest directly in tobacco companies, controversial weapons and nuclear weapons (through the ownership of shares and bonds),” the managers said.
“For the Sustainable Balanced investment plan, the exclusions will extend the list of industries that have significant involvement in activities considered to negatively impact the environment or society.”
They said they would provide clients with more information about the option with a member statement which will be sent out from late September.
“We will also be offering a 45-minute online webinar about the new option which will provide further details about what the Sustainable Balanced plan will invest in, and the ESG criteria and exclusions,” they said.
