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UK Pensions Regulator to Enforce Trustee Reporting on ESG  

The UK’s Pensions Regulator (TPR) is stepping up its monitoring of trustees on ESG. This spring, TPR will check if trustees are complying with reporting rules on ESG and climate change. The regulator will check whether trustees of pension schemes with more than 100 members have published a statement of investment principles (SIP) which details the policies controlling how a scheme invests, including consideration of financially material ESG and climate factors. They must also publish an implementation statement (IS) – which shows how the principles in the SIP have been implemented. A review of a cross-section of SIP and IS statements will follow in the summer. Pension schemes with £1 billion (US$1.2 billion) or more must also publish an annual climate change (or TCFD) report. The outcome of this work will be shared with industry to highlight good practice. TPR is warning trustees of schemes in scope that enforcement action may be taken against them if they fail to publish their SIP and/or implementation statement. The pensions watchdog has the power to impose a fine of up to £50,000. 

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