PLSA comments on TPR consultation for helping Trustees meet new governance climate change standards | Pensions and Lifetime Savings Association

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PLSA comments on TPR consultation for helping Trustees meet new governance climate change standards

05 July 2021

The Pensions and Lifetime Savings Association (PLSA) has today commented on the launch of consultation by The Pensions Regulator (TPR) for new guidance designed to help trustees meet tougher standards of governance in relation to climate change risks and opportunities. 

Joe Dabrowski, Deputy Director Policy, PLSA, said: “Over the past week we’ve been hearing – at the PLSA’s first ever Environmental Social and Governance (ESG) Conference – just how important climate-aware investing has become to ensure schemes are well-run. The PLSA, therefore, welcomes this consultation by The Pensions Regulator (TPR) which can help shape the way Trustees with in their responsibilities to meet improved standards of governance in relation to climate change risks and opportunities as well the publication of TPR’s monetary penalties policy (MPP), which outlines its approach to imposing penalties for non-compliance..

“With the UK’s largest pension funds leading the roll-out of TCFD across financial services this is an important consultation, and we’re pleased that the Regulator has committed to pro-actively seeking scheme views to inform its view and make sure it’s guidance is fit for purpose. 

“It is really important schemes have clear guidance as they will be working on a ‘best endeavours’ basis’, with much of the information necessary for full disclosure not yet available from their asset managers or companies, and risk mandatory fines. We would therefore urge as many schemes to make their thoughts known in the consultation process before it closes on at the end of August 2021. We look forward to continuing to work closely with TPR to help shape this new guidance to ensure our members remain well placed to meet their climate-aware investing responsibilities.”

Mark Smith, Senior PR Manager
 020 7601 1726 |  [email protected]k

Steven Kennedy, Senior PR Manager
 020 7601 1737 | 07713 073024 | [email protected]