Royal Dutch Shell

More than £1.75bn has been wiped from the pension funds of councils across the UK after three years of crashing oil investments, research shows.

Institutional investors are continuing to flounder after the FTSE 100 opened the week down 8.72%, crashing into technical bear market territory.

A former energy and climate change secretary has said that by continuing to invest in fossil fuel firms, pension schemes are just making the climate change crisis even worse.

Some 53 FTSE 100 sponsors made "significant" deficit recovery contributions (DRCs) to their defined benefit (DB) schemes over the year to 31 March 2018, according to JLT Employee Benefits.

Shareholders have backed a resolution brought by a group of investors including 15 UK pension schemes to force Shell to measure and manage its exposure to climate change risk.

Royal Dutch Shell is set to buy its smaller rival BG Group for almost £50bn in the biggest deal in the energy sector for decades.

Shell has told its shareholders to support a resolution brought against the company to force it to disclose risks associated with climate change.

Insurance companies in the FTSE100 have some of the best defined benefit (DB) scheme funding levels as a result of Solvency II, research from JLT Employee Benefits (JLTEB) shows.

Royal Dutch Shell has reported a $19.2bn (£12.3bn) impact on its balance sheet after implementing the revised IAS19 accounting standard for its pension scheme, its latest results show.

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