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ARTICLE · 18 SEPTEMBER 2023

Pensions Regulator Blog Highlights Trustees' Duties On Climate Scenario Analysis

Norton Rose Fulbright Hong Kong
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On August 29, 2023, the Pensions Regulator published a blog on climate scenario analysis under the Taskforce on Climate-related Financial Disclosures reporting framework for trustees of large occupational pension schemes.

United KingdomEmployment and HR
Lesley Browning
Lesley Browning
Shane O'Reilly
Shane O'Reilly

On August 29, 2023, the Pensions Regulator published a blog on climate scenario analysis under the Taskforce on Climate-related Financial Disclosures (TCFD) reporting framework for trustees of large occupational pension schemes.

Trustees of schemes with at least £1bn in assets are obliged to undertake scenario analysis "as far as they are able", addressing the potential impact of climate change on scheme assets and liabilities, and the resilience of the scheme's investment and funding strategies. Scenario analysis is required in the first scheme year to which the requirements under the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 apply and then at least every three years thereafter.

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