Industry report on transition plans pushed back until spring
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The Transition Plan Working Group, an industry group convened by the Pensions Regulator, was due to report this year, but TPR has now said the group plans to conclude its work in spring 2026. A review of climate reporting by the government has also been pushed back, mallowstreet understands.
In June this year, the Department for Energy Security and Net Zero consulted on transition plans and revealed that “the regulator is convening an industry working group involving sector stakeholders and some of the largest occupational pension schemes and will present findings to DWP later this year”.
However, this is now not expected before next year. A spokesperson for The Pensions Regulator said: “TPR convened the industry stakeholder led Transition Plan Working Group in September with a view to exploring the practicalities of transition plans for occupational pension schemes. Work is still underway, and the group is planning to conclude its work in spring 2026.”
The work on how pension funds can create transition plans coincides with a review of schemes’ reporting requirements in line with the Task Force on Climate-related Financial Disclosures. Similar to the transition plans, the review was due to be complete this year but its outcome is now expected in the first half of 2026.
The Transition Plan Working Group is made up of representatives from the Transition Pathway Initiative, the Investment Consultants Sustainability Working Group, the Trustee Sustainability Group, the Institute and Faculty of Actuaries, the Asset Owners Council, the Association of Pension Lawyers, the ISO Net Zero Transition Planning for Financial Institutions Standard and Pensions UK. Its outputs do not necessarily indicate future policy.
In June this year, the Department for Energy Security and Net Zero consulted on transition plans and revealed that “the regulator is convening an industry working group involving sector stakeholders and some of the largest occupational pension schemes and will present findings to DWP later this year”.
However, this is now not expected before next year. A spokesperson for The Pensions Regulator said: “TPR convened the industry stakeholder led Transition Plan Working Group in September with a view to exploring the practicalities of transition plans for occupational pension schemes. Work is still underway, and the group is planning to conclude its work in spring 2026.”
The work on how pension funds can create transition plans coincides with a review of schemes’ reporting requirements in line with the Task Force on Climate-related Financial Disclosures. Similar to the transition plans, the review was due to be complete this year but its outcome is now expected in the first half of 2026.
The Transition Plan Working Group is made up of representatives from the Transition Pathway Initiative, the Investment Consultants Sustainability Working Group, the Trustee Sustainability Group, the Institute and Faculty of Actuaries, the Asset Owners Council, the Association of Pension Lawyers, the ISO Net Zero Transition Planning for Financial Institutions Standard and Pensions UK. Its outputs do not necessarily indicate future policy.
