For trustees of a defined contribution scheme there are steps you should be considering both as part of your governance oversight and, importantly, to support your scheme members. Amongst others we would recommend that you consider communicating with members. A proactive communication may help members with financial stress and support them in making informed decisions. This could prevent them taking a ‘knee jerk’ reaction to the recent market volatility and instigating a fund switch. For more information on coronavirus and occupational pensions, read the full Briefing Note in our Coronavirus Resource Centre.
For employers there are many aspects of pension and benefit provision that will be affected by Covid-19, some of which we’ve covered in more detail in the previous sections of this guide.
If you’re looking to communicate with your employees about these then our expert team will be happy to help - you can read more about what we do here or get in touch directly.
To read about some of the personal finance queries we’ve been helping clients with, click here.