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Railpen: Considering climate risks and opportunities in employer covenant assessments for pension schemes

Assessing the strength of the employer’s covenant is part of an integrated approach to risk management and requires trustees to consider the employer’s ability to address a range of likely future scenarios.

This case study explores the steps Railpen Pension Scheme has taken to consider climate-related risks and opportunities into the employer covenant assessment process. This includes insight into the three stages of their analysis, as well as their next steps and top tips.

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Top tips for considering ESG risks and opportunities in the EMployer Covenant process

A4S and the Employers Covenant Practitioners Association (ECPA) have produced a guide for trustees and their advisers on the ‘why’ and ‘how’ to embed ESG-related considerations into the employer covenant process.

ESG Toolkit for Pension chairs and trustees

This toolkit of resources supports chairs and trustees of pension schemes identify the practical steps to embedding ESG considerations into their investment decisions, reporting, and engagement across the investment chain.


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Accounting for Sustainability is a Charitable Incorporated Organization, registered charity number 1195467. Accounting for Sustainability is part of The Prince of Wales’s Charitable Foundation (PWCF) Group of Charities.
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