Source · Select Committees · Work and Pensions Committee
Recommendation 5
5
Paragraph: 19
Trustees will need detailed and regularly updated guidelines provided by the Pensions Regulator to explain...
Recommendation
Trustees will need detailed and regularly updated guidelines provided by the Pensions Regulator to explain how they should consider the effects of climate change on pension scheme members. We recommend that the Pensions Regulator continuously monitor and update these guidelines.
Paragraph Reference:
19
Government Response
Acknowledged
HM Government
Acknowledged
The Government notes the Committee’s concern that trustees need detailed and regularly updated guidelines to explain how they should consider the effects of climate change on pension scheme members, including guidance on TCFD reporting. The Pensions Regulator expects guidelines on climate reporting to evolve in the next few years and will ensure its guidance adapts as climate-related reporting requirements change and more information becomes available to pension schemes. The Government has also provided detailed statutory guidance to help trustees understand how they should carry out TCFD reporting.20 This guidance will be reviewed at a minimum of three years from the date of its 2021 publication and will be updated when necessary.