In its climate adaptation report, TPR says too few schemes give enough consideration to climate-related risks and opportunities, which means investment performance and saver outcomes could suffer.

The report explains that while schemes are more engaged, according to a TPR survey less than half of defined contribution schemes (43%) took account of climate change when formulating their investment strategies and approaches when questioned in 2020.

A survey of defined benefit schemes showed more than half (51%) had not allocated time or resources to assessing any financial risks and opportunities associated with climate change.