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Referral to the Pensions Regulator: Local Government Pension Scheme and Climate Risk
The document argues that many LGPS funds are failing their fiduciary duties by ignoring climate risk or incorrectly delegating its management. It identifies five misconceptions: that climate change is not a financial risk, that delegation to managers is sufficient, that delegation to the LAPFF is sufficient, that pooling removes the need for fund-level consideration, and that taxpayers bear all the risk. The authors request that TPR investigate these issues, issue guidance, and engage with Defra for an Adaptation Report.
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Document type: Statement
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