Described by the Department for Work and Pensions, as a “landmark moment and the biggest shake up in pensions for decades”, the Pensions Schemes Bill has eventually received Royal Assent on February 11th 2021. We now have the Pensions Scheme Act 2021 with three major developments. Importantly, occupational pension schemes “will be required to manage the effects of climate change as a financial risk and to report on how they have done so”. What does this mean for the pensions of employers and individuals ? As well as addressing the financial risk, will the act help to slow down the pace of climate change?
Blogs are on themes of ethical and sustainable investing and the often overlooked risks to investors of climate risk and the wider environmental, social and governance issues of companies in which trillions of our savings and pension money are invested.