Consultation outcome

Taking action on climate risk: improving governance and reporting by occupational pension schemes

This consultation has concluded

Detail of outcome

Feedback received

Public responses A to J to the Taking action on climate risk: improving governance and reporting by occupational pension schemes consultation

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Public responses K to Z to the Taking action on climate risk: improving governance and reporting by occupational pension schemes consultation

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Original consultation

Summary

This consultation seeks views on policy proposals to require trustees of larger occupational pension schemes and authorised schemes to address climate change risks and opportunities through effective governance and risk management measures.

This consultation ran from
to

Consultation description

This consultation seeks views on policy proposals to require trustees of larger occupational pension schemes and authorised schemes to have effective governance, strategy, risk management and accompanying metrics and targets for the assessment and management of climate risks and opportunities. It also invites responses on proposals to disclose these in line with the recommendations of the international industry-led Task Force on Climate-related Financial Disclosures (TCFD).

It is proposed that among the activities required would be calculating the ‘carbon footprint’ of pension schemes and assessing how the value of the schemes’ assets or liabilities would be affected by different temperature rise scenarios, including the ambitions on limiting the global average temperature rise set out in the Paris Agreement. The disclosures would be required to be made publicly available, referenced from the schemes’ Annual reports and Accounts, and pension savers informed of the availability of the information via their annual benefit statement.

Documents

Taking action on climate risk: improving governance and reporting by occupational pension schemes

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Impact Assessment (consultation): Climate change risk – governance and disclosure (TCFD)

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Published 26 August 2020
Last updated 7 July 2021 + show all updates
  1. Removed public responses by the Airways Pension Scheme and the New Airways Pension Scheme that were published in error.

  2. Published the public responses to the consultation.

  3. First published.