Part 2 Other Provision
Pension Schemes Act 2021 (2021 c 1) | Legislation

Part 2 Other Provision

Climate change risk

12

(1)     The Pensions (Northern Ireland) Order 1995 (SI 1995/3213 (NI 22)) is amended as follows.

(2)     After Article 41 insert—

“41A Climate change risk

(1)     Regulations may impose requirements on the trustees or managers of an occupational pension scheme of a prescribed description with a view to securing that there is effective governance of the scheme with respect to the effects of climate change.

(2)     The effects of climate change in relation to which provision may be made under paragraph (1) include, in particular—

(a)     risks arising from steps taken because of climate change (whether by governments or otherwise), and

(b)     opportunities relating to climate change.

(3)     The requirements which may be imposed by the regulations include, in particular, requirements about—

(a)     reviewing the exposure of the scheme to risks of a prescribed description;

(b)     assessing the assets of the scheme in a prescribed manner;

(c)     determining, reviewing and (if necessary) revising a strategy for managing the scheme's exposure to risks of a prescribed description;

(d)     determining, reviewing and (if necessary) revising targets relating to the scheme's exposure to risks of a prescribed description;

(e)     measuring performance against such targets;

(f)

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