Extracts from Lords consideration of the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 - July 5
Tuesday, 6 July 2021 07:53
The Parliamentary Under-Secretary of State, Department for Work and
Pensions (Baroness Stedman-Scott) (Con):...The regulations impose
requirements on trustees of larger occupational pension schemes,
authorised Master trust schemes and, once established, authorised
collective money purchase schemes for the identification,
assessment and management of climate-related risks and
opportunities... ...The instrument provides that trustees of
schemes with £5 billion or more in relevant assets and...Request free trial
The Parliamentary Under-Secretary of State, Department for
Work and Pensions ()
(Con):...The regulations impose requirements on trustees of larger
occupational pension schemes, authorised Master trust schemes and, once
established, authorised collective money purchase schemes for the
identification, assessment and management of climate-related risks
and opportunities...
...The instrument provides that trustees of schemes with £5
billion or more in relevant assets and all authorised
master trusts will be required to meet the
governance requirements from 1 October this year and to produce and
publish climate risk disclosures within seven months of their
scheme year end...
...I conclude by reiterating the effect of this instrument.
It will ensure that the largest occupational pension schemes, as
well as authorised master trusts and authorised
collective defined contribution schemes, have measures in place to
identify, assess and manage climate-related risks and
opportunities. The better management of climate risk will be in our
interests, whether as pension savers or as pension takers and
whether our interests are financial, environmental or social. I
commend this instrument to the Committee...
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