TPR provides reassurance on TCFD reporting

The Pensions Regulator has published a blog post authored by David Fairs recognising that the first wave of Taskforce on Climate-related Financial Disclosures reports represent both a challenge and an opportunity.

Fairs notes that trustees have faced some practical challenges in preparing these reports, particularly around costs and resources, the availability, quality and consistency of data and in ensuring the disclosures are accessible and useful for members.

In recognition of this, Fairs confirms that the Pensions Regulator will be mindful of these challenges when reviewing the reports. The Regulator will also provide high-level feedback on the reports to assist in-scope schemes with future reporting.

The Regulator does not anticipate that any penalty notices will be issued in relation to the first wave of TCFD reporting except where a report is not published at all or where it is clear that the trustees have not made a genuine effort to comply.

For schemes in the second wave, the Regulator anticipates using the first wave reports and experiences to refine its expectations of trustees.