TPR publishes further support on climate reporting requirements

The Pensions Regulator (TPR) has shared additional guidance to help trustees and advisers work through new duties on climate-related governance and reporting, publishing an illustrative example.

The example charts how the trustees of a fictitious pension scheme might approach meeting the requirements of the new climate-related regulations, which apply to pension schemes with £5bn or more in assets, extending to schemes with £1bn or more in assets from October 2022.

It also looks to address specific queries for further information and examples, as requested by the pensions industry during TPR’s recent eight-week consultation on related guidance for governance and reporting of climate-related risks and opportunities.

Alongside TPR's broader guidance on climate-related reporting and governance, aims to help develop trustee and adviser understanding on how to approach the requirements of the new regulations at a practical level.

In addition to this, the regulator confirmed that it plans to contact trustees of schemes that may have moved into scope of the rules since their last valuation to ensure they are aware of their duties.

TPR executive director of regulatory policy, analysis and advice, David Fairs, commented: “We expect this example will prove helpful to trustees and other industry stakeholders as they get to grips with the new, climate-related regulations.

“From October more schemes are set to come into the scope of these rules, so I also urge trustees and advisers of those schemes to make sure they are familiar with the relevant guidance in this area.

“Those running schemes out of scope of the rules but who want to do more to manage climate-related risks and opportunities may also find both our new example and final guidance helpful.”

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