Aviva Investors, a major UK pension fund, has lost over £350 million on poor investments in three incinerator power plants. These plants, located in Hull, Boston, and Barry, failed to meet energy production targets and are now facing administration. Critics argue that incinerators are environmentally damaging, contributing to greenhouse gas emissions and hindering recycling efforts. The losses have drawn criticism from shareholders and environmental groups, who advocate for reducing waste production and phasing out incinerators. The situation highlights the financial and environmental risks associated with energy-from-waste projects.
Pension Check tip: If you have UK pensions, you may want to take control of your investments. Inflation, currency fluctuation and bad investments can affect benefits you will receive in retirement.