All pension schemes face climate-related risks and opportunities. And trustees of all authorised master trusts and pension schemes with net relevant assets over £1bn are already legally required to manage and report on climate-related risks and opportunities.

They must be ready to protect savers’ pensions from the material financial risk climate change poses and take advantage of opportunities from a global move to low carbon economies.

Trustees do not need to be climate change experts, but they should have sufficient knowledge and understanding to be able to identify, assess and manage the risks and opportunities for their scheme.

We recognise this is a new and challenging area for trustees and this will be a learning process. We’ve produced guidance in this area and are grateful for industry’s assistance in shaping it during our consultation.

It includes an illustrative example charting how trustees of a fictitious pension scheme might approach meeting the requirements of the regulations.

We know this may still be challenging for some. Trustees with questions on this topic can join a Pensions and Lifetime Savings Association (PLSA) Twitter Q&A on 9 November at 12.30pm. For one hour The Pensions Regulator will be answering questions on this topic.

Those who miss the session but want to see the questions posed and the answers will be able to view the conversation on The PLSA’s Twitter profile.

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