The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations (NI) 2021 and The Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations (NI) 2021 - screening

The first proposed Statutory Rule, the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations (Northern Ireland) 2021 introduces requirements for trustees of certain occupational pension schemes to ensure that there is effective governance of those schemes with respect to the effects of climate change.  It also introduces related reporting and publication requirements for such trustees and confers new compliance powers on the Pensions Regulator (“the Regulator”).  The requirements will apply to trustees on a phased basis from 1st October 2021 according to the value of relevant scheme assets, or whether the scheme has been authorised for certain purposes.

The Rule forms part of a package of regulations along with the second proposed Statutory Rule, the Occupational Pension Schemes (Climate Change Governance and Reporting) (Miscellaneous Provisions and Amendments) Regulations (Northern Ireland) 2021 which amends existing pensions legislation to introduce related disclosure and notification requirements and requirements about trustees’ knowledge and understanding of matters relating to the effects of climate change on occupational pension schemes.