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UK government presents pension fund climate risk governance, reporting regs

By Susanna Rust2021-01-27T16:16:00+00:00 The UK government today published draft climate risk reporting and governance rules for pension funds that are in line with the main thrust of proposals outlined last year but incorporate some changes in response to feedback. Its consultation on the proposed rules comes after the Chancellor in November announced plans to roll out mandatory climate reporting requirements across the UK economy by 2025, with a significant proportion in place by 2023. The DWP had by then already proposed mandatory action by pension funds. Guy Opperman, minister for pensions and financial inclusion, said: “Trustees can be sure that the UK-regulated organisations on which they depend not only for data and information but also day-to-day management of climate change risk will be subject to the same obligations and requirements.”

New TPR powers could lead to upsurge in clearance applications

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download Find whitepapers

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