Consultation outcome

Aligning your pension scheme with the TCFD recommendations

From:: Department for Work and Pensions
Published: 12 March 2020
Last updated: 2 July 2021 — See all updates

Detail of outcome

The response to this consultation was included in the guidance on Aligning your pension scheme with the Taskforce on Climate-Related Financial Disclosures recommendations published on 27 January 2021.

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Public responses to the Aligning your pension scheme with the TCFD recommendations consultation

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Original consultation

Consultation description

This consultation sets out non-statutory guidance for the trustees of occupational pension schemes on assessing, managing and reporting climate-related risks in line with the Taskforce on Climate-Related Financial Disclosures (TCFD).

This follows the Green Finance Strategy announcement in July 2019 of the establishment of an cross-government and industry group to develop and consult on the guidance.

part 1 of the guidance introduces climate risk as a financial risk to pension schemes, trustees’ legal requirements and the TCFD recommendations
part 2 sets out a suggested approach for the integration and disclosure of climate risk within the typical governance and decision-making processes of pension trustee boards, including defining investment beliefs, setting investment strategy, manager selection, and monitoring
part 3 of the guide contains technical details on recommended scenario analysis and metrics that trustees may wish to consider using to record and report their findings

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