Following the measures announced by Guy Opperman, Minister for Pensions and Financial Inclusion, in January 2021, the UK Government is sending a clear message to UK pensions trustees of their legal responsibilities to ensure that financial risks relating to climate change within their portfolios are effectively assessed and reported on.
When should you start planning for reporting? As soon as possible.
What do I need to consider? It is important to align with The Financial Stability Board’s framework, Taskforce on Climate-related Financial Disclosures (TCFD), as the UK intends to make TCFD-aligned disclosures mandatory across the economy by 2024, bringing more clarify across the industry at all levels to ensure that the data available is consistent and comparable.
Mercer fully supports the adoption of the framework and would encourage all schemes to start planning sooner rather than later, due to the complexity and time-consuming nature of the reporting requirements.
To help you get started, we have designed a TCFD reporting checklist to provide an understanding of what steps you need to take to meet the TCFD requirements and guide you through the process.
We are already working with a number of trustees to map their route to assessing and reporting on the financial risks of climate change within their schemes.
We’re happy to share with you some of the work we are doing, or answer any questions on the journey you will be taking. Please get in touch with us with the contact form below.
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