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ARTICLE · 25 FEBRUARY 2021

Climate Change Risk - Consultation On New Trustee Duties

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The Pension Schemes Act 2021 sets out a framework for new climate risk-related governance and reporting requirements for trustees of larger schemes.

United KingdomEmployment and HR
Richard Evans
Richard Evans
Beverly Cox
Beverly Cox
Katherine Carter
Katherine Carter
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The Pension Schemes Act 2021 sets out a framework for new climate risk-related governance and reporting requirements for trustees of larger schemes. The detailed requirements will be set out in regulations and statutory guidance, and the government is currently consulting on draft versions of the regulations and guidance.

The government consulted on the broad policy principles to be contained in the regulations in August 2020. The draft regulations largely implement those principles, but some changes have been made.

The consultation closes on 10 March.

The draft regulations

Among other things, the draft regulations require trustees to:

  • Have knowledge and understanding of the principles relating to the identification, assessment and management of climate-related risks affecting occupational pension schemes and of climate-related opportunities.

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