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TPR will incorporate the key requirements into its Governance Code; additional guidance will also be provided, including recommended best practice, to help trustees meet the expectation laid out in the government’s Green Finance Strategy, according to law firm Sackers.
TPR originally expected to consult on climate risk guidance in late 2019 with a view to putting it on a statutory footing during 2020 as part of the Governance Code required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2019.
A spokesperson from TPR said: “For pension schemes, the TCFD framework can help trustees as they implement and evolve their mandatory investment policy on climate change. By applying the TCFD recommendations, trustees will be better placed to understand what climate-related issues mean for their scheme – and will be better equipped to make decisions that ensure members’ benefits are protected.”
At an AMNT conference last month, pensions minister Guy Opperman said that many of the items which make up the TCFD framework are things which schemes need to do already under regulations laid last year.
"I’m really eager to put this guidance on a statutory footing as soon as possible to empower trustees to challenge their investment managers and ultimately the firms in whom they invest," said Opperman.