Pension stewardship and COP26

Work and Pensions Committee Closed Inquiry
Opened: 29 Apr 2021 Closed: 2 Feb 2022 Parliament page
The UK hosted the 26th UN Climate Council Conference of Parties - COP26 - in Glasgow between 1 and 12 November 2021. In March 2021, the Minister for Pensions and Financial Inclusion announced that “world leading regulations” will come into force ahead of COP26, following the Government’s consultation, Taking action … Read more
15 Recommendations
5 Conclusions
1 Report
2 Oral sessions
2 Events
Activity timeline 4 events
17 Dec
2021
Report published
30 Sep
2021
Report published
14 Jul
2021
Oral evidence
30 Jun
2021
Oral evidence
Oral evidence sessions 2 sessions
14 Jul 2021
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Work and Pensions
Emma Varley · Department for Work and Pensions Guy Opperman MP · Department for Work and Pensions Pete Searle · Department for Work and Pensions
30 Jun 2021
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Pension stewardship and COP26
Andrew Ninian · Investment Association James Alexander · UK Sustainable Investment and Finance Association Mark Fawcett · Nest Morten Nilsson · BT Pension Scheme Paul Bucksey · Smart Pension UK Sam White · Aviva Tony Burdon · Make My Money Matter
Title HC No. Published Items Response
Fourth Report - Pension stewardship and COP26 HC 238 30 Sep 2021 20 Responded
Recommendations & Conclusions
3 results
Clear
10 Conclusion Acknowledged
Fourth Report - Pension stewardshi…
Many schemes have already set net zero targets voluntarily.
Many schemes have already set net zero targets voluntarily. We encourage other schemes to consider whether they should also set net zero targets. While we recognise that any target must not undermine trustees’ fiduciary duties, we believe that in many … Read more
Government Response
The government agrees with the committee's encouragement for schemes to set net zero targets, welcoming the ambition of schemes already doing so and noting that a significant proportion of DC and DB assets are now covered by net zero commitments.
Department for Work and Pensions
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18 Conclusion Acknowledged
Fourth Report - Pension stewardshi…
The charge caps on default pension saving products used for auto-enrolment are an important part...
The charge caps on default pension saving products used for auto-enrolment are an important part of ensuring good value for savers who have not made an active decision about where their pension should be invested. However, we support the Government’s … Read more
Government Response
The government notes the committee's concern regarding charge caps and confirms its support for reviewing alternative charging structures to facilitate long-term investments while protecting savers' interests.
Department for Work and Pensions
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19 Conclusion Acknowledged
Fourth Report - Pension stewardshi…
The purpose of pension schemes setting net zero targets is not solely that the schemes...
The purpose of pension schemes setting net zero targets is not solely that the schemes themselves should be net zero aligned, but that they should make an impact in reducing the real economy’s contribution to climate change. Good stewardship is … Read more
Government Response
The government acknowledges the importance of good stewardship and reports that the Taskforce on Pension Scheme Voting Implementation, set up by the Minister for Pensions, has published its report with 24 recommendations, six of which have been taken forward in DWP's draft stewardship guidance.
Department for Work and Pensions
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Government Response AI assessment · 20 of 15 classified
Accepted 9
Acknowledged 3
Deferred 1
Not Addressed 1
Rejected 6
Total 15 recs + 5 conclusions