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Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension schemes, has published its second Task Force on Climate-related Financial Disclosures (TCFD) guidelines report, “Climate Action: Progress Towards Net Zero”, which sets out the firm’s climate-related disclosures, building on our commitment to be carbon neutral across our own emissions by 2025 and across all sources of carbon emissions by 2050.
PIC continued to make strong progress during 2022, as well as establishing clear targets, in reducing our corporate impact on the environment, as well as the impact deriving from its investments. PIC follows a purposeful and low-risk investment strategy. Highlights include:
PIC’s approach to climate risk is incorporated into the Group’s Sustainability Strategy and overseen by the Board. The report contains insights into PIC’s governance and strategy of ESG areas, including oversight of climate risk and how ESG is integrated within the PIC portfolio.
Simon Abel, Chief Strategy Officer, PIC, said: “Climate change is an issue that is of real importance to us all. Reporting against TCFD, is in line with our purpose as we seek to manage climate risk ever more closely. PIC invests for the long-term in assets that also deliver social value and particularly in projects the UK desperately needs.
“For the second year running our TCFD report reinforces our ongoing transparency to our strategy, governance, risk management processes and key metrics for managing the impact of climate change on the business and our investment portfolio. We welcome the chance to present our second TCFD report and look forward to continuing to play a key role helping shape the debate about the transition to a low carbon economy as we all seek to manage this risk.”
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Notes to Editors
For further information please contact:
PIC
Clive Booth
+44 (0)7780 599247
boothc@pensioncorporation.com
Apella Advisors
Will Melling
+44(0)7763 749563
PIC@apellaadvisors.com
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2022, PIC had insured 302,200 pension scheme members and had £41 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. To date, PIC has made total pension payments of £10.6 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
