The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021
PART 1
Introduction
1
Citation, commencement and extent
PART 2
Climate Change Governance and Reporting
2
Interpretation
3
Climate change governance etc. requirements
4
Climate change governance etc. requirements: authorised master trust schemes
5
Climate change governance etc. requirements: authorised collective money purchase schemes
6
Climate change reporting and publication requirements
PART 3
Compliance
7
Compliance notices
8
Third party compliance notices
9
Penalty notices
10
Penalty notices: recovery
11
Penalty notices: recovery from bodies corporate and Scottish partnerships
12
Review of notices
13
References to the First-tier Tribunal or Upper Tribunal
14
Service of notifications and other documents
15
Service by electronic means
SCHEDULE
PART 1
Climate change governance etc. requirements
Governance
1
Trustees must establish and maintain oversight of the climate-related risks...
2
Trustees must establish and maintain processes for the purpose of...
Strategy
3
Trustees must, on an ongoing basis, identify climate-related risks and...
4
For the purpose of paragraph 3, the time periods which...
5
Trustees must, on an ongoing basis, assess the impact of...
6
Trustees must, as far as they are able, undertake scenario...
7
For the purposes of paragraph 6, the matters are—
8
The scenario analysis required by paragraph 6 must be undertaken—...
9
For the purposes of paragraph 8(a), trustees may rely on...
10
Trustees must, in each scheme year except the first scheme...
11
Where— (a) the trustees have determined in accordance with paragraph...
Risk management
12
Trustees must establish and maintain processes for the purpose of...
13
Trustees must establish and maintain processes for the purpose of...
14
Trustees must ensure that the processes required by paragraphs 12...
Metrics and targets
15
Trustees must in the first scheme year in respect of...
16
Trustees must from time to time, as appropriate to the...
17
Where, following a review in accordance with paragraph 16, the...
18
Subject to paragraph 19, trustees must in each scheme year,...
19
In the first scheme year in respect of which the...
20
Trustees must in each scheme year, as far as they...
21
For the purposes of paragraphs 18 and 20 trustees may,...
22
Trustees must in the first scheme year in respect of...
23
Trustees must in each scheme year, including the first scheme...
24
Where trustees have determined in accordance with paragraph 23(b) that...
General and interpretation
25
Where this Part provides that trustees must meet a requirement...
26
In this Part— “absolute emissions metric” means a metric which...
PART 2
Information to be included in a report under regulation 6
27
A statement describing— (a) how the trustees maintain oversight of...
2021 No. 839

Pensions

The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021
Made
13th July 2021
Coming into force
1st October 2021
The Secretary of State for Work and Pensions, in exercise of the powers conferred by sections 41A(1), (2), (3)(a), (b), (d) and (e), (4), (5) and (6), 41B(1) and (2), 41C(1), (2) and (3), 124(1) and 174(2) and (3) of the Pensions Act 1995 , makes the following Regulations.
These Regulations are made before the end of the period of six months beginning with the coming into force of the provisions of Part 1 of the Pensions Act 1995 by virtue of which these Regulations are made .
A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 175(2A) of the Pensions Act 1995.
1995 c. 26. Sections 41A to 41C were inserted by the Pension Schemes Act 2021 (c. 1) (“the 2021 Act”), section 124(2). Section 124(1) is cited for the meaning it gives to “prescribed”.
See section 120 of the Pensions Act 1995 (c. 26) (“the 1995 Act”). Section 120(1) of the 1995 Act requires that before making regulations by virtue of Part 1 of the Act, the Secretary of State must consult such persons as she considers appropriate. Section 120(2) of the 1995 Act provides that section 120(1) does not apply to regulations made before the end of the period of six months beginning with the coming into force of the provision of Part 1 by virtue of which the regulations are made.
Subsection (2A) was inserted by the 2021 Act, section 124(4)(b).