HSBC Pension Scheme: Putting in place TCFD metrics
The HSBC Bank (UK) Pension Scheme manages two schemes: a defined benefit scheme with 97,000 members and assets under management of £30.7 billion, and a defined contribution scheme with 90,000 members and assets under management of £4.9 billion.
This case study shows the practical steps that HSBC Bank (UK) Pension Scheme has taken to put in place metrics to support their implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). It describes how the scheme has selected the metrics used, how they use them and disclose the results, and what top tips they would give peers.
This practical example is also included in the Pensions Climate Risk Industry Group’s guidance on aligning pension schemes to the recommendations of TCFD.