Moved by
Baroness Stedman-Scott
75: Clause 124, page 118, line 33, leave out from “require” to the end of line 36 and insert “—
(a) that assets are assessed by reference to their exposure to risks of a prescribed description, and
(b) that an assessment includes determining the contribution of the assets of the scheme to climate change.”
Member’s explanatory statement
This amendment makes separate provision about assessing pension scheme assets’ exposure to risk and their contribution to climate change.
76: Clause 124, page 118, line 36, at end insert—
“(4A) The regulations may require the trustees or managers of the scheme to take into account—
(a) different ways in which the climate might change, and
(b) different steps that might be taken because of climate change.
(4B) Regulations under subsection (4A) may require the trustees or managers of the scheme to adopt prescribed assumptions as to future events, including assumptions about—
(a) the steps that might be taken for the purpose of achieving the Paris Agreement goal or other climate change goal, or
(b) the achievement of the Paris Agreement goal or other climate change goal.”
Member’s explanatory statement
This amendment enables regulations under inserted section 41A of the Pensions Act 1995 to require trustees and managers of pension schemes to consider different future scenarios, including scenarios involving the achievement of particular climate change goals.
77: Clause 124, page 118, line 39, at end insert—
“( ) In this section “the Paris Agreement goal” means the goal of holding the increase in the average global temperature to well below 2°C above pre-industrial levels referred to in Article 2(1)(a) of the agreement done at Paris on 12 December 2015.”
Member’s explanatory statement
This amendment defines the Paris Agreement goal which is mentioned in the Minister’s amendment at page 118, line 36.
78: Clause 124, page 118, line 44, at end insert “(which may include information about matters to which regulations under section 41A may relate).”
Member’s explanatory statement
This amendment ensures that information relating to the effects of climate change includes information about the matters to which regulations under inserted section 41A of the Pensions Act 1995 may relate.