tPR issues first climate change fine

On 28 September, tPR issued its first climate change reporting fine. tPR fined the ExxonMobil Pension Plan £5,000 for failing to meet new regulations, developed from the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). The relevant regulations, namely the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (as amended) and the Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations 2021, came into force in October 2021. They require trustees of large schemes to develop and report on a strategy for managing climate-related risks and opportunities. Pensions Barrister hopes to publish an article on the interplay between these regulations and trustees' investment duties under trust law in the near future.