The DWP is consulting on measures to ensure that trustees of large occupational pension schemes focus on the impact of climate change on their investments and (for defined benefit schemes) the employer covenant.

The requirements will initially apply only to the very largest schemes (schemes with assets worth £5 bn or more, plus authorised master trusts and collective defined contribution (CDC) schemes) but will later be extended – after a year to schemes with assets of £1 bn then, potentially, to all schemes.