Pensions - Articles - Trustees offered more aid on climate related rules


Trustees and advisers are being offered extra help as they work through comprehensive new duties on climate-related governance and reporting.

 The Pensions Regulator (TPR) has today (Wednesday 23 February) published an illustrative example, which charts how the trustees of the fictitious XYZ pension scheme might approach meeting the requirements of the new climate-related regulations.

 The example seeks to address specific requests for more information and examples received by TPR from the pensions industry during its eight-week consultation on its guidance on governance and reporting of climate-related risks and opportunities.

 It is intended to help develop understanding of how trustees and advisers might approach implementing the requirements of the new regulations at a practical level. The example provides information relevant to trustees and advisers of any scheme seeking to comply with the new regulations.

 David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice, said: “We expect this example will prove helpful to trustees and other industry stakeholders as they get to grips with the new, climate-related regulations.

 “From October more schemes are set to come into the scope of these rules, so I also urge trustees and advisers of those schemes to make sure they are familiar with the relevant guidance in this area.

 “Those running schemes out of scope of the rules but who want to do more to manage climate-related risks and opportunities may also find both our new example and final guidance helpful.”

 The rules initially apply to authorised schemes and those with relevant assets of £5 billion or more but will also start to apply to schemes with relevant assets of £1 billion or more from 1 October.

 The Department for Work and Pensions has said it will consider whether to roll the rules out to smaller schemes in 2023.

 TPR also plans to contact trustees of schemes that may have moved into scope of the rules since their last valuation to ensure they are aware of their duties.
  

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.