The Department for Work and Pensions (DWP) expects to consult on trustees' legal duties to consider environmental, social and governance (ESG) risks from next month.
The consultation will seek to clarify legislation around the consideration of these long-term financial risks as well as the ability of schemes to give weight to members' non-financial and ethical concerns.
The planned legislative reforms, which were announced in December, come in response to Law Commission concerns that there are barriers to considering ESG issues.
Now, pensions and financial inclusion minister Guy Opperman, in a written answer to Cardiff North MP Anna McMorrin, confirmed his intention to release the consultation next month.
"I plan to consult on policy and regulations to clarify the legal duty of trustees of occupational pension schemes to take account of ESG risks, among others, wherever these are financially material," he wrote. "My current intention is to publish a consultation in June."
The consultation is expected to focus on the Occupational Pension Schemes (Investment) Regulations 2005, with potential changes including requiring trustees to state their policies on evaluating long-term investment risks.
The aim is to make it easier for trustees to invest members' funds in assets that can "do good" while also delivering sustainable market returns, with legislation promised at the "earliest reasonable opportunity".
Similar reforms are possible for contract-based pension schemes. Last month, the Financial Conduct Authority (FCA) said it was considering expanding the remit of independent governance committees to include reporting on social investing.
It will come amid increasing scrutiny of pension funds and institutional investors' social impact, with prime minister Theresa May launching a taskforce to help "unlock the capital to boost impact investment" and aid the creation of innovative products for consumers.
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