Fidelity FutureWise 2070

Commitments report

Fidelity FutureWise 2070 — can what it promised be tested?

9 published commitments across two layers, read from the scheme’s own documents and its underlying funds’ methodologies. This report examines the wording. It needs no holdings and does not change when the fund rebalances.

6published commitments, two layers

0not testable as written

1need data this report does not carry

3tested against holdings

Layer 1 · the trustee’s own statement of investment principles

3 commitments

Standard	What the scheme wrote	Threshold	Result
▸ Thermal coal	“companies deriving more than 5% of revenue from thermal coal” FutureWise TDFs · p.25	>5% revenue	NOT YET TESTED Waiting on: the data the rule runs on
Mechanism exclusion Scope as written FutureWise TDFs Threshold >5% revenue Source document p.25 →
▸ Oil sands	“companies deriving more than 5% of revenue from oil sands” FutureWise TDFs · p.25	>5% revenue	NOT YET TESTED Waiting on: the data the rule runs on
Mechanism exclusion Scope as written FutureWise TDFs Threshold >5% revenue Source document p.25 →
▸ UN Global Compact	“excludes UN Global Compact violators” FutureWise TDFs · p.25	violator status	TWO MEASURES — 150 HOLDINGS CARRY A FINDING WE MAP TO IT
Mechanism exclusion Scope as written FutureWise TDFs Threshold violator status Source document p.25 →

Layer 2 · the underlying funds inside the default

3 rules

Standard	Commitment	Share of equities	Result
▸ Thermal coal	“more than 5% of their revenue from thermal coal extraction” ACS North America ESG Insights Equity Fund · p.1	32.0%	TESTED, SOME HOLDINGS NOT SETTLED At >5% revenue: Rule: more than 5% of revenue from thermal coal extraction. 0 over threshold of 286 issuers in scope; 11 answered from existing register rows, nothing collected; 262 screen-negative (231 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 13 candidates not collected (1.97%; register-only run). Other schemes' coal levels: Mercer >1%, Scottish Widows ≥5%, Standard Life >5%, Mercer ≥5%, Aegon >5%, Atlas / SEI >10%, Royal London ≥60%. Holdings 31 Dec 2025.
Mechanism commitment Scope as written ACS North America ESG Insights Equity Fund Threshold >5% revenue Source document p.1 → What the test found. Rule: more than 5% of revenue from thermal coal extraction. 0 over threshold of 286 issuers in scope; 11 answered from existing register rows, nothing collected; 262 screen-negative (231 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 13 candidates not collected (1.97%; register-only run). Other schemes' coal levels: Mercer >1%, Scottish Widows ≥5%, Standard Life >5%, Mercer ≥5%, Aegon >5%, Atlas / SEI >10%, Royal London ≥60%. Holdings 31 Dec 2025.
▸ Oil sands	“more than 5% of their revenue from the production and generation of tar sands” ACS North America ESG Insights Equity Fund · p.1	32.0%	TESTED, SOME HOLDINGS NOT SETTLED At >5% revenue: Rule: more than 5% of revenue from the production and generation of tar sands. 0 over threshold of 286 issuers in scope; 1 measured on a different boundary (0.15%); 6 answered from existing register rows, nothing collected; 273 screen-negative (237 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 7 candidates not collected (0.67%; register-only run). Holdings 31 Dec 2025.
Mechanism commitment Scope as written ACS North America ESG Insights Equity Fund Threshold >5% revenue Source document p.1 → What the test found. Rule: more than 5% of revenue from the production and generation of tar sands. 0 over threshold of 286 issuers in scope; 1 measured on a different boundary (0.15%); 6 answered from existing register rows, nothing collected; 273 screen-negative (237 on Scottish Widows' / Standard Life's review of the same company; a screen, not a document); 7 candidates not collected (0.67%; register-only run). Holdings 31 Dec 2025.
▸ UN Global Compact	“issuers that are non-compliant with the UN Global Compact Principles” ACS North America ESG Insights Equity Fund · p.1	32.0%	NOT YET TESTED Waiting on: UNGC issuer-status dataset
Mechanism commitment Scope as written ACS North America ESG Insights Equity Fund Threshold non-compliance status Source document p.1 → Not yet tested. A number, a direction and a unit. The row is waiting on UNGC issuer-status dataset. A rule outside this report’s scope is never shown as met.

A rule outside this report’s scope is never shown as met. Where a rule is quantified and binding but requires data this report does not carry, it is reported as covered in the extended report — not as a failure of the scheme, and never as a pass.

Coverage of the default arrangement

Which parts of the equity allocation a published rule reaches

Part of the arrangement	Share of equities	Status
ACS US, Europe ex UK, Japan and UK ESG Insights sleeves	49.3%	DOCUMENTS NOT RETRIEVED fund-level SDR/prospectus and any Fundamental Insights exceptions
Fidelity Emerging Markets and Pacific ex-Japan Research Enhanced UCITS ETFs	12.6%	DOCUMENTS NOT RETRIEVED exact ETF SFDR/prospectus and daily full holdings files
Fidelity LTAF/private assets and BlackRock liquidity	6.1%	OUTSIDE EQUITY SCOPE none

61.9% of the listed-equity allocation sits in funds whose documents were not retrievable from the scheme’s published literature. That share is reported as unread rather than assumed either way — a screen we have not seen is never counted as absent, and never counted as present.

How this scheme compares

On the wording alone

A count of commitments says nothing without a weight. Share of equities bound by a published, quantified rule is the column that matters.

Scheme	Excluded	Adverse	Own commitments	Commitments	Quantified	Equities bound	Position
Atlas / SEI→	13.6%34 holdings no UNGC rule	33.8%129 holdings no UNGC rule	commitments partially tested Controversial weapons any stated involvement: 0 over, some holdings disclose no figure Thermal coal >10% annual revenue: 0 over, some holdings disclose no figure Failure of good-governance test: not yet tested Failed good-governance test: not yet tested	6	2	100.0%	1 of 8 by equities bound
Scottish Widows→	14.2%51 holdings	41.6%156 holdings	commitments fully tested Controversial weapons any involvement (manufacturer): 0 over, a finding held pending decision Tobacco > 10% of value-chain revenue: 0 over, some holdings disclose no figure Thermal coal >= 5% of revenue from extraction: 0 over, some holdings disclose no figure Oil sands >= 5% of revenue from tar sand extraction: 0 over, some holdings disclose no figure	15	9	100.0%	2 of 8 by equities bound
Standard Life (PUTM)→	16.8%67 holdings	41.1%237 holdings	commitments partially tested Controversial weapons zero tolerance: 0 over, a finding held pending decision Tobacco > 1% of revenue (production): 0 over Tobacco > 25% of revenue (distribution, retail and supply): 0 over, some holdings disclose no figure Thermal coal > 5% of revenue (mining and energy production): 0 over, some holdings disclose no figure Arctic drilling > 5% of revenue: 1 over, some holdings disclose no figure Oil sands > 5% of revenue: 1 over Thermal coal >=20 (waiver 20-30 with SBTi Paris-aligned targets): not yet tested Oil sands and oil and gas >=20: not yet tested Tobacco >=1: not yet tested External rating: not yet tested Norms and controversies third-party controversy flag: not yet tested	61	37	92.7%	3 of 8 by equities bound
Aegon→	17.0%73 holdings	41.7%245 holdings	commitments partially tested Thermal coal >5% involvement; power-generation revenue >5%: 0 over, some holdings disclose no figure Oil sands >5% revenue: 0 over, some holdings disclose no figure Tobacco >0% production; other tobacco thresholds apply: 0 over, some holdings disclose no figure Controversial weapons: no threshold stated Tobacco: no threshold stated Thermal coal: no threshold stated Index membership and weight: not yet tested	10	4	79.2%	4 of 8 by equities bound
Smart→	16.9%58 holdings	42.0%163 holdings	commitments fully tested Thermal coal >20% revenue: 0 over, some holdings disclose no figure Oil sands >20% revenue: 0 over, some holdings disclose no figure Controversial weapons index exclusion per methodology: 0 over, some holdings disclose no figure	6	4	50.9%	5 of 8 by equities bound
Mercer→	12.5%74 holdings UNGC rule binds some sleeves only holdings cover 44.9% of the pot (pre-transition sections) or 59.3% (Long Term Growth)	35.8%267 holdings UNGC rule binds some sleeves only holdings cover 44.9% of the pot (pre-transition sections) or 59.3% (Long Term Growth)	commitments partially tested Thermal coal: 15 rules, 13 tested, 0 over Deforestation: 1 rule, 0 tested, 0 over Index membership: 9 rules, 0 tested, 0 over Adult entertainment: 6 rules, 6 tested, 3 over Alcohol: 2 rules, 2 tested, 0 over Controversial weapons: 16 rules, 11 tested, 0 over Fossil fuels: 2 rules, 2 tested, 0 over Oil sands: 8 rules, 8 tested, 0 over Gambling: 2 rules, 2 tested, 0 over Tobacco: 22 rules, 22 tested, 0 over Civilian firearms: 21 rules, 21 tested, 0 over Fossil-fuel power generation: 1 rule, 1 tested, 0 over SDG impact rating: 1 rule, 0 tested, 0 over Norms and controversies: 5 rules, 0 tested, 0 over Arctic drilling: 2 rules, 2 tested, 0 over	122	82	32.1–42.1%	6 of 8 by equities bound
Fidelity→	15.0%58 holdings	48.0%161 holdings	commitments fully tested Thermal coal >5% revenue: 0 over, some holdings disclose no figure Oil sands >5% revenue: 0 over, some holdings disclose no figure	6	4	32.0%	this scheme — 7 of 8 by equities bound
Royal London→	9.9%65 holdings no UNGC rule	26.7%248 holdings no UNGC rule	commitments partially tested Controversial weapons any manufacture: 0 over, some holdings disclose no figure Thermal coal >=60% revenue: 1 over, some holdings disclose no figure — loosest coal level in the set Thermal coal >=2bn tonnes reserves: not yet tested	6	4	30.6%	8 of 8 by equities bound

On the bar and Adverse are different questions. A scheme asking which holdings reach our bar is asking the first; whether its own provider’s list reaches them is a question for the manager. Adverse is wider — it includes severe determinations that do not reach the bar — and a fund can sit high on it while breaching nothing. Both are shaded against their own column, never against 100%, because a column where every cell is pale distinguishes nothing.

The UN Global Compact rule, set beside adjudicated findings

150 of 645 holdings — 47.48% of the extracted equity lines — carry a finding we map to a principle

The fund’s rule runs on its provider's data, which the scheme does not name; this figure does not. They are different measures and they disagree. Each finding is dated, sourced, and listed with the regulator that made the determination.

View actuals against commitments →

Is it moving?

The holdings’ emissions against their own promises, on registry and satellite evidence

9 holdings (0.5% of the scheme) are behind their own promise or have witnesses that disagree; 2 are ahead (0.2%). 100% of the scheme by weight has no Pace verdict the evidence can support. Words with evidence, never a score; nothing here moves a band.

Transition evidence →