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Consultation launched to assist trustees on aligning their pension scheme to the TCFD recommendations

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17 Mar 2020

A new consultation has been launched which sets out non-statutory guidance for the trustees of occupational pension schemes on assessing, managing and reporting climate-related risks in line with the Taskforce on Climate-Related Financial Disclosures (TCFD).

The draft guidance has been drawn up by the Pensions Climate Risk Industry Group (PCRIG), a group set up last summer by the Department of Work and Pensions, TPR and other pension representatives.

The draft guidance is split into three parts:

  • Part 1 - introduces climate risk as a financial risk to pension schemes, trustees’ legal requirements and the TCFD recommendations.
  • Part 2 - sets out a suggested approach for the integration and disclosure of climate risk within the typical governance and decision-making processes of pension trustee boards, including defining investment beliefs, setting investment strategy, manager selection, and monitoring.
  • Part 3 - contains technical details on recommended scenario analysis and metrics that trustees may wish to consider using to record and report their findings.

The consultation closes at 11.45pm on 7 May 2020. PCRIG intends to publish the final guidance in the autumn.

A press relese and the guidance are available release and the updated guidance is available on the FRC website. 

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