The Pensions Regulator has today issued a statement on COVID-19 and what trustees may need to consider as the situation evolves.
Among other things, the Regulator has said that:
- it expects trustees to have appropriate contingency planning in place, including a business continuity plan detailing actions that would be taken if certain events took place that would impact the day-to-day running of their pension scheme
- trustees should consider how to mitigate the loss of resources due to unavailable staff or increase in workloads, including which scheme activities to prioritise, and
- it is engaging with administrators and the pensions industry to understand preparedness and the pressures and risks that could impact schemes and members.
The Regulator also pointed to its guidance on Integrated Risk Management for defined benefit schemes, that helps schemes identify and manage factors that affect a scheme’s potential to meet its funding objectives.
For further information on COVID-19 and the legal issues affecting businesses globally, visit HSF’s COVID-19 hub.
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