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Pensions weekly: TPR drives net zero transition planning, DWP dashboards annualised accrued value guidance, HMRC post‑lifetime allowance changes, DB transfer redress at record low, plus key dates and trackers

Published on: 18 April 2024

Published by a LexisNexis Pensions expert
Legal News
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In this issue

  • The Pensions Regulator
  • Disclosure requirements
  • Transfers
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

The Pensions Regulator

TPR spurs trustees on climate transition

In its climate disclosure review dated 11 April 2024, TPR noted that pension arrangements are edging nearer to net-zero alignment across portfolios, having refreshed investment approaches and increased exposure to low-carbon vehicles. It also observed that updating strategies and tilting capital towards cleaner assets had moved many schemes along the transition path. The paper encouraged trustees to look to formal guidance on shifting portfolios towards net-zero benchmarks. Trustees were urged to weigh the emerging guidance when charting credible pathways to net-zero portfolio standards. TPR added that, although adopting the government’s Transition Plan Taskforce guidance is not yet mandated, it would help with managing climate risks. HM Treasury established the Taskforce at COP26 in Glasgow in November 2021. The government’s ambition is for the entire UK economy to reach net-zero by 2050. In 2021, ministers brought in the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, SI 2021/839, obliging the biggest schemes to produce reports on climate-related financial risks...

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