DB schemes urged to scrutinise insurers’ TCFD reports

DB pension scheme trustees are being urged to scratch beneath the surface of insurers’ Taskforce on Climate-Related Financial Disclosures reports, when selecting a firm for risk transfer.

Pensions and financial services consultancy, Hymans Robertson, warns that while many schemes might be encouraged by insurers’ headline targets and commitments, understanding which firm is a good fit for their needs, will come from the ability to critically understand and assess the data in each TCFD report.

Paul Hewitson, head of ESG for risk transfer at Hymans Robertson, said that, for DB schemes that are “on a journey to buy-out” but are also looking address climate risks, the devil is in the detail.

“Schemes could be forgiven for relying on the bolder statements in insurers’ TCFD reports. However, to really make an informed choice and choose a match that’s right for them, they should make sure they compare both how each insurer plans to transition their assets to meet targets, with the insurers’ actual progress.”

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