PensionBee is looking to achieve a £100m commitment from its customers in its new fossil-fuel-free pension product.

The new product, created following growing demand from the firm’s customers excludes companies with oil, gas or coal reserves, as well as tobacco companies and manufacturers of controversial weapons.

The product is being delivered in partnership with Legal & General and will have an all-in fee of 0.75%, with a 50% reduction for the portion of pension savings over £100,000.

In order to maintain this price point, the firm has said that it needs to attract a collective £100m in investments from its customers.

Currently, the fund has attracted £31m from customers in the first week of its launch. PensionBee expects to reach its final target by the end of 2020, allowing it to offer the product to all of its new and existing customers.

Chief Engagement Officer, Clare Reilly says, “In this past year the contradiction of investing your pension into companies that are destroying the planet has become clear to our customers.

“We are pleased to…offer customers a way to build a pot to retire with, but also to create a world that is environmentally stable and safe to retire into. And as we’ve seen from the response already, sustainable investing is the future of pensions.”

Speaking to The Financial Marketeer in September, PensionBee CMO said, “more and more customers are concerned about how their money is invested…people want to know how we are using their money to invest for the future.”