This report is part of a multi-year project into corporate pension schemes’ approach to climate change risk and sits alongside direct engagement with schemes to raise awareness and standards across the industry.

For this report, 16 of the largest master trusts by assets under management (AUM) were reviewed. The report focuses purely on the work of the trustees of the master trust, not their sponsoring group/asset manager/investment consultant. We have used The Pensions Regulator’s definition i of a master trust, which is an occupational pension scheme that provides money purchase benefits and is used, or intended to be used, by two or more employers.