For the last seven years, Jonathan works at XPS and is the investment adviser to the NPT Trustees. During that time there have been two formal investment strategy reviews leading to changes in the Default Arrangement. The most recent change led to the equities being invested in line with the Transition Pathway Initiative, and bonds invested in line with UN SDGs and LGIM Future World philosophy.
This has led to higher levels of engagement and stewardship by the Trustees with the investment managers, as well as setting out plans in their TCFD framework document to align the portfolio with a 1.5°C temperature alignment by 2050. Work in the coming years will involve a more active approach to ensure the best outcome for members regarding climate change, returns, and risk.
Further work is being carried out to ensure high levels of member outcome in retirement.