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ARTICLE · 13 OCTOBER 2023

The Pensions Regulator Issues First Fine For Failure To Publish Climate Report

On September 28, 2023, the Pensions Regulator (TPR) reported that it has issued its first fine against a pension scheme for failing to publish its climate change report on time.

United KingdomEmployment and HR

On September 28, 2023, the Pensions Regulator (TPR) reported that it has issued its first fine against a pension scheme for failing to publish its climate change report on time.

Under the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, which came into force in October 2021, the trustees of certain schemes are required to publish a climate change report on a publicly available website. The reporting duty is coming into effect in stages and first applied to schemes with assets of £5bn or more.

Failure to comply with this requirement on time carries a mandatory penalty, with a minimum of £2,500. The maximum penalty is £5,000 where a trustee is an individual, or £50,000 where the trustee is a corporate body.

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