The Wincanton plc Pension Scheme recently published its “Climate change governance and reporting disclosures” in September 2025, covering the 12 months to 31 March 2025. The report details the Scheme’s approach to managing climate-related risks and opportunities for both its Defined Benefit (DB) and Defined Contribution (DC) Sections.
DB Section Sets 2030 Carbon Intensity Reduction Target
The Trustee has established a target to reduce the Weighted Average Carbon Intensity (WACI) for the aggregate credit portfolio (comprising Insight and PGIM buy and maintain credit portfolios) by 35% by 2030, relative to a 2020 base year. As of 31 December 2024, the WACI has decreased by 27% compared to the base year. The Trustee expressed satisfaction with the progress and will continue to evaluate the target’s appropriateness based on future decarbonization expectations (page 3, Wincanton plc Pension Scheme Climate change governance and reporting disclosures, September 2025).
DC Section Maintains 2030 Carbon Intensity Reduction Target
For the Defined Contribution Section, the Trustee has maintained its target of reducing the Weighted Average Carbon Intensity (Scope 1 and 2 emissions) for the Popular Arrangement by 30% by 2030, relative to a 2022 base year. As of 31 December 2024, the WACI has been reduced by 12% relative to the base year (page 4, Wincanton plc Pension Scheme Climate change governance and reporting disclosures, September 2025).
DC Section Explores New Equity Strategies for Emission Reduction
During the reporting period, the Trustee reviewed the DC Section’s equity allocation with the aim of introducing strategies that could support progress towards the climate emission target and establish a more globally diversified exposure for the equity allocation. This activity is ongoing into the 2025-2026 Scheme year (page 10, Wincanton plc Pension Scheme Climate change governance and reporting disclosures, September 2025). Further engagement on specific portfolio holdings in the equity and DGF portfolios is planned for the coming Scheme year, in addition to the implementation of new equity funds within the lifestyle options for the DC Section (page 17, Wincanton plc Pension Scheme Climate change governance and reporting disclosures, September 2025). The new equity strategy will include a fund with an ESG screening element, including consideration of carbon emissions (page 28, Wincanton plc Pension Scheme Climate change governance and reporting disclosures, September 2025).
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