Source · Select Committees · Work and Pensions Committee
Fourth Report - Pension stewardship and COP26
Work and Pensions Committee
HC 238
Published 30 September 2021
Government response
Sixth Special Report - Pension stewardship and COP26: Government Response to the Committee’s Fourth Report of Session 2021–22 · published 17 Dec 2021
Recommendations & Conclusions
10
Conclusion
Acknowledged
Para 43
Many schemes have already set net zero targets voluntarily.
Conclusion
Many schemes have already set net zero targets voluntarily. We encourage other schemes to consider whether they should also set net zero targets. While we recognise that any target must not undermine trustees’ fiduciary duties, we believe that in many …
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Government Response Summary
The government agrees with the committee's encouragement for schemes to set net zero targets, welcoming the ambition of schemes already doing so and noting that a significant proportion of DC and DB assets are now covered by net zero commitments.
Department for Work and Pensions
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18
Conclusion
Acknowledged
Para 63
The charge caps on default pension saving products used for auto-enrolment are an important part...
Conclusion
The charge caps on default pension saving products used for auto-enrolment are an important part of ensuring good value for savers who have not made an active decision about where their pension should be invested. However, we support the Government’s …
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Government Response Summary
The government notes the committee's concern regarding charge caps and confirms its support for reviewing alternative charging structures to facilitate long-term investments while protecting savers' interests.
Department for Work and Pensions
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19
Conclusion
Acknowledged
Para 69
The purpose of pension schemes setting net zero targets is not solely that the schemes...
Conclusion
The purpose of pension schemes setting net zero targets is not solely that the schemes themselves should be net zero aligned, but that they should make an impact in reducing the real economy’s contribution to climate change. Good stewardship is …
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Government Response Summary
The government acknowledges the importance of good stewardship and reports that the Taskforce on Pension Scheme Voting Implementation, set up by the Minister for Pensions, has published its report with 24 recommendations, six of which have been taken forward in DWP's draft stewardship guidance.
Department for Work and Pensions
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