Following changes to pension scheme investment regulations, from October 2019, UK pension trustees must update their scheme’s SIP to set out their policies on ESG, climate change and stewardship activities. Additional requirements apply from 2020 to trust based DC schemes. Similar changes are anticipated for contract based schemes and their IGCs, following an FCA consultation, expected in the first quarter of 2019. Against the backdrop of regulatory change, climate change falls heavily under the spotlight. Pages 7-9 looks at how trustees’ fiduciary duties require a prudent assessment of risks, and pages 10-12 looks in detail at how trustees should apply this to their assessment of climate change risks specifically.