Consultation outcome

Climate and investment reporting: setting expectations and empowering savers

From:
Department for Work and Pensions
Published
21 October 2021
Last updated
17 June 2022 — See all updates

Applies to England, Scotland and Wales

This consultation has concluded

Download the full outcome

Government response: Climate and investment reporting: setting expectations and empowering savers

HTML

Reporting on Stewardship and Other Topics through the Statement of Investment Principles and the Implementation Statement: Statutory and Non-Statutory Guidance

HTML

Statutory guidance: Governance and reporting of climate change risk: guidance for trustees of occupational schemes

HTML

Government response: Climate and investment reporting: setting expectations and empowering savers

PDF, 535 KB, 53 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Reporting on Stewardship and Other Topics through the Statement of Investment Principles and the Implementation Statement: Statutory and Non-Statutory Guidance

PDF, 324 KB, 30 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Statutory guidance: Governance and reporting of climate change risk: guidance for trustees of occupational schemes

PDF, 563 KB, 54 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Draft regulations: The Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022

PDF, 170 KB, 3 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Detail of outcome

This is the government’s response to the consultation which ran from October 2021 to January 2022 ‘Climate and investment reporting: setting expectations and empowering savers’.

This document provides a high-level summary of the consultation responses received and the government’s response.

Original consultation

Summary

Consultation seeking views on the policy proposals on Paris alignment reporting, accompanying draft regulations and statutory guidance, and draft statutory/non-statutory guidance explaining DWP’s expectations on Implementation Statement reporting and the Statement of Investment Principles.

This consultation ran from
to

Consultation description

It is proposed that the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 are amended to require trustees subject to those regulations, to calculate and disclose a portfolio alignment metric setting out the extent to which their investments are aligned with the goal of limiting the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels. This document therefore also consults on the draft Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022, and draft amendments to statutory guidance.

The consultation also seeks views on:

  • draft non-statutory guidance explaining best practice in relation to the Statement of Investment Principles (which describes trustees’ climate change and stewardship policies)
  • draft statutory guidance explaining our expectations across the Implementation Statement (which describes how they have implemented these policies)

About this consultation

Who this consultation is aimed at:

  • pension scheme trustees and managers
  • pension scheme members and beneficiaries
  • pension scheme service providers, other industry bodies and professionals
  • civil society organisations
  • any other interested stakeholders

Documents

Climate and investment reporting: setting expectations and empowering savers – consultation on policy, regulations and guidance

HTML

Climate and investment reporting: setting expectations and empowering savers – consultation on policy, regulations and guidance

PDF, 537 KB, 53 pages

The Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022

HTML

The Occupational Pension Schemes (Climate Change Governance and Reporting) (Amendment, Modification and Transitional Provision) Regulations 2022

PDF, 160 KB, 3 pages

Proposed amendments to the Statutory Guidance – governance and reporting of climate change risk: guidance for trustees of occupational schemes

HTML

Proposed amendments to the Statutory Guidance – governance and reporting of climate change risk: guidance for trustees of occupational schemes

PDF, 148 KB, 6 pages

Consultation version: Reporting on stewardship and other topics through the Statement of Investment Principles and the Implementation Statement: statutory and non-statutory guidance (October 2021)

HTML

Reporting on stewardship and other topics through the Statement of Investment Principles and the Implementation Statement: statutory and non-statutory guidance

PDF, 240 KB, 20 pages

Published 21 October 2021
Last updated 17 June 2022 + show all updates

  1. Added the response to the consultation: 'Climate and investment reporting: setting expectations and empowering savers'.

  2. Updated consultation closing date to 11:45pm on 6 January 2022.

  3. First published.