The
Occupational Pension Schemes (Climate Change Governance and
Reporting) (Miscellaneous Provisions and Amendments) Regulations
2021
These Regulations prescribe matters about which trustees of
certain occupational pension schemes are required to have
knowledge and understanding and make amendments to the
Occupational and Personal Pension Schemes (Disclosure of
Information) Regulations 2013 (S.I. 2013/2734) (“the Disclosure
Regulations 2013”) in consequence of the new climate change
governance and reporting requirements introduced by the
Occupational Pension Schemes (Climate Change Governance and
Reporting) Regulations (S.I. 2021/xxxx) (“the Climate Change
Governance and Reporting Regulations 2021”).
The Regulations also make amendments to the Register of
Occupational and Personal Pension Schemes Regulations 2005 (S.I.
2005/597) to prescribe “registrable information” for the purposes
of section 62(1)(h) of the Pensions Act 2004 (c.35).
Regulation 2 prescribes the principles relating to the
identification, assessment and management of risks arising to
occupational pension schemes from the effects of climate change
and of opportunities relating to climate change for the purposes
of the Pensions Act 2004, section 247(4)(c) (requirement for
trustee knowledge and understanding: individual trustees) and
section 248(5)(c) (requirement for trustee knowledge and
understanding: corporate trustees).
Regulation 3 makes amendments to regulation 3(1) of the Register
of Occupational and Personal Pension Schemes Regulations 2005
(registrable information) to add to the registrable information
prescribed for the purposes of section 62(1)(h) of the Pensions
Act 2004.
Regulation 4 amends the Disclosure Regulations 2013, Schedule 3,
Part 5 (information that applies to the scheme), Schedule 4
(summary funding statements), Schedule 5, Part 2 (information for
active and deferred members) and Schedule 6, Part 1 (information
for all money purchase members), to require information about the
report which trustees of certain schemes are required to publish
in accordance with the Climate Change Governance and Reporting
Regulations 2021 to be included in the scheme’s annual report,
summary funding statement (where relevant) and annual benefit
statements issued to members.
