Jurisdiction(s):
United Kingdom

DWP TSF draft guide on social factors in pension investments—fiduciary duties, data gaps, member-engagement risks and evolving UK regulatory expectations

Published on: 08 February 2024

Published by a LexisNexis Pensions expert

Legal News

Article summary

What is the background to the guide?

Common perception holds that the pensions sector has traditionally prioritised the ‘E’ in ESG, with comparatively less attention paid to other areas—especially social factors such as workforce conditions, remuneration practices, bribery, health and safety, and modern slavery. Aware of this, in 2021 the government launched a call for evidence to gather insights on trustees’ approaches to social issues. In response, the Government created a cross-department working group, the TSF, which was then widened to include investment managers, asset owners, professional advisers and regulators. This group ultimately developed a draft guide for considering these factors in pension scheme investments (the Guide), which was released for consultation in October 2023.

What are the key aspects and themes of the draft guide? Does it raise any issues or concerns?

The Guide provides a highly practical set of resources to help pension trustees ensure they are adequately addressing social factors. Alongside general guidance, it offers 35 recommendations for key stakeholders, including trustees, regulators, Government, asset managers and investment consultants. The Guide further outlines a tiered illustrative framework for how trustee engagement on...

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