Creative Pension Trust (the ‘Scheme’) recently published its Climate Change Report 2025, covering the Scheme Year to 31 March 2025. The report, prepared in accordance with The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, details the Trustees’ actions regarding climate-related risks and opportunities.
Scheme Consolidation and Investment Strategy Alignment
At the time of the report’s publication, the Trustees decided to consolidate the Scheme into the Cushon Master Trust, following a proposal from the Scheme Sponsor & Manager. Scheme members have already transitioned to Cushon investment strategies, aligning the consideration of climate change risks and opportunities. Future climate change reporting for Scheme members will be provided by the trustees of the Cushon Master Trust (page 3).
New Default Investment Strategies Implemented
During the Scheme Year, the Trustees transitioned relevant members in both the Creative Auto Enrolment Pension (CAEP) and Creative Workplace Pension (CWP) sections to a new default investment strategy approach called Cushon Core. A new range of self-select investments was also provided. The CAEP section’s investment strategy changed in October 2023, and the CWP section’s investment strategy changed in April 2024. These new strategies aim to increase the climate risk hedging of the Scheme investments (page 4, 7).
Commitment to Carbon Removal Fund
During the Scheme Year, the Trustees continued to explore potential investments aligning with their climate priorities. This included a private markets fund focused on carbon removal solutions, the Aviva Investors Carbon Removal Fund. The Trustees made a commitment to this fund shortly after the end of the Scheme Year in May 2025 (page 7).
Updated Statements of Investment Principles
The Statements of Investment Principles (SIPs) for both the CAEP and CWP sections were updated during the Scheme Year in April 2024. The CAEP SIP update incorporated feedback from the Investment Provider, while the CWP SIP update accounted for the change in investment strategy implemented during the Scheme Year. Both SIPs were further updated in July 2025, after the Scheme Year end, to reflect the closure of the CPT Cushon Global Impact fund and the Trustees’ commitment to the Aviva Investors Carbon Removal Fund in May 2025 (page 9).
New Data Quality Targets Set
The Trustees have set formal targets to improve data quality within the Scheme by 31 March 2027. For the CAEP default investment strategy, the target is to improve data quality (measured by the proportion of assets with reported carbon footprint figures) by 10%, from 75% to 85%, using a 2022 base year. For the CAEP Cushon Core Investment Strategy, the target is a 10% improvement from 86% to 96%, with a 2023 base year. For the CWP Cushon Target Age Funds, the target is a 10% improvement from 76% to 86%, with a 2025 base year. This target was expanded to include the Cushon Target Age Funds as it became a default investment strategy during the Scheme Year (page 30).
Source