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Regulator’s Review of Pension Scheme Climate Reports Finds Room for Improvement
May 23, 2023A review by The Pensions Regulator (TPR) of the published annual climate reports of more than 71 UK pension schemes found several areas where improvement is needed as well as emerging “good practices.”
The review follows the enactment of the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, which took effect on October 1, 2021. The Climate and Governance Regulations require trustees of certain pension schemes to identify, assess and manage climate-related risks and opportunities and report on these activities. The reporting requirements under the Climate and Governance Regulations were developed from the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), according to a March 23 statement by TPR.
