The government has put forward new reforms for large pensions schemes to show exactly how they are tackling climate change.

The Department for Work and Pensions tabled an amendment to the Pension Schemes Bill today to give the government powers to require schemes to disclose against the TCFD recommendations, subject to consultation.

In response, Fergus Moffatt, head of UK policy at ShareAction, says: “Financial institutions must take responsibility for their impact on the planet and the money they manage on our behalf, so we’re delighted that the UK government is taking steps to implement TCFD on a mandatory basis. ShareAction has been working closely with DWP on guidance for pension schemes, and we’re very hopeful these world-first reforms will accelerate climate action. Warm words will no longer be enough – the level of disclosure required under these laws would make it plain to see which pension schemes are really walking the talk on tackling the climate crisis and the risks it poses to our savings. As the UK hosts COP26 this year, all eyes will be on the current government to ensure this ambition reaches all areas of finance.”

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