Consultation outcome

Taking action on climate risk: improving governance and reporting by occupational pension schemes – response and consultation on regulations

From:
Department for Work and Pensions
Published
27 January 2021
Last updated
21 July 2021 — See all updates
This consultation has concluded

Download the full outcome

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

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

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Draft: The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021

PDF, 160 KB, 17 pages

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Draft: The Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations 2021

PDF, 58 KB, 5 pages

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Detail of outcome

This government response provides a summary of the responses received to the consultation Taking action on climate risk: improving governance and reporting by occupational pension schemes – response and consultation on regulations.

Read the Governance and reporting of climate change risk: guidance for trustees of occupational schemes.

Feedback received

Public responses 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 proposals to require trustees of larger occupational pension schemes and authorised schemes to address climate change risks and opportunities.

This consultation ran from
to

Consultation description

This document contains the government’s response to the August 2020 consultation – Taking action on climate risk: improving governance and reporting by Occupational Pension Schemes.

The August consultation was limited to our policy proposals in relation to ensuring occupational pension schemes have – and report on – effective governance, strategy, risk management and accompanying metrics and targets for the assessment and management of climate-related risks and opportunities.

This document also contains and consults on the draft legislation and draft statutory guidance that would enact the government’s policy proposals. These have been produced in light of the outcome of the August policy consultation.

About this consultation

Who this consultation is aimed at:

  • pension scheme trustees and managers
  • pension scheme members and beneficiaries
  • pension scheme service providers, other industry bodies and professionals
  • civil society organisations
  • any other interested stakeholders

Read the Statutory guidance about Governance and reporting of climate change risk: guidance for trustees of occupational schemes.

Documents

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

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

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Governance and reporting of climate change risk: guidance for trustees of occupational schemes

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Governance and reporting of climate change risk: guidance for trustees of occupational schemes

PDF, 457 KB, 43 pages

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The Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations 2021

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The Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations 2021

PDF, 154 KB, 4 pages

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The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021

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The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021

PDF, 252 KB, 15 pages

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Impact Assessment on climate change risk – governance and disclosure (TCFD) proposals

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Impact Assessment on climate change risk – governance and disclosure (TCFD) proposals

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Published 27 January 2021
Last updated 21 July 2021 + show all updates

  1. Added link to final statutory guidance in 'Governance and reporting of climate change risk: guidance for trustees of occupational schemes'.

  2. Published the public responses to the consultation.

  3. Edited statutory guidance Part 2, paragraph 20 (3rd bullet) from ‘including assets which are…’ to ‘excluding assets which are…’. Also updated consultation and statutory guidance to fix minor typographical and grammatical errors.

  4. Added LGPS Central to the list of respondents to the consultation in Annex 1 of the government response.

  5. Added the government response 'Taking action on climate risk: improving governance and reporting by occupational pension schemes'. Also added the draft regulations 'The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021' and 'The Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations 2021'.

  6. Added 'Governance and reporting of climate change risk: guidance for trustees of occupational schemes' in HTML.

  7. Added 'Governance and reporting of climate change risk: guidance for trustees of occupational schemes'.

  8. First published.