The Green Party has outlined a range of pension and tax provisions in its election manifesto released today.
The party would require Local Government Pension Scheme funds to divest from fossil fuel-related investments, while also encouraging all private pension funds to do the same.
The policies form part of the party’s commitment of £100bn investment a year by 2030 to tackle climate change, which it aims to fund through borrowing.
It said: “Our programme of investment should be seen as a starting push on our national bicycle – giving us the momentum to set off and pedal with growing strength towards a better future.”
The Greens’ manifesto also outlines plans for a weekly universal basic income for pensioners of £178 – £10 higher than the current highest possible state pension payment.
The party has also pledged a 20% flat rate of pensions tax relief, which it estimates will contribute £6bn in revenue per year as part of its wider proposed tax changes.
Proposals also include limiting the 25% tax-free lump sum to £40,000 and cracking down on tax avoidance and evasion. The party calculated these could add a combined £5bn in annual revenue.
Ending “double taxation” on pension funds – currently subject to both income tax and corporation tax when paid out to individual pensioners – has also been laid out.
The general election will take place on 12 December; the Labour party is set to release its manifesto on Thursday, with the Conservatives expected to follow next week.
The Greens are stepping aside in 50 seats across England and Wales as part of a “unite to remain” Brexit agreement with the Liberal Democrats and Plaid Cymru.