BMW has contested its inclusion on a list of the UK’s 20 largest pension schemes to have allegedly not set net zero targets.

The roster, compiled by Make My Money Matter, covers schemes with more than £200bn of assets under management, the campaign said. “Investments this size potentially enable 24mn tonnes of carbon to enter our atmosphere every year,” it claimed.

The campaign said that it has been contacting the schemes for a year. They are a mix of corporate and Local Government Pension Scheme funds, including the Zurich Financial Services UK Pension Scheme, the Lothian Pension Fund, and the Northern Ireland Local Government Officers’ Superannuation Committee.

When approached by Pensions Expert, German car manufacturer BMW said that its UK scheme has in fact committed to net zero, contrary to Make My Money Matter’s announcement.

A spokesperson told Pensions Expert: “The BMW (UK) Operations Pension Scheme does have a net zero commitment which is fully in line with BMW Group strategy.

“The scheme publishes its annual report in Q3 each year and at the same time in 2022, the scheme will publish its first Task Force on Climate-related Financial Disclosures report in line with regulatory requirements which will show the scheme’s net zero commitment.”

Meanwhile, the Santander UK Group Pension Scheme, which is also on Make My Money Matter’s list, told Pensions Expert that it plans to adopt a net zero commitment later in June.

Read more @Pension Expert