Pensions - Articles - TPR on COVID19 and on what pension schemes need to consider

 We continue to monitor the COVID-19 (coronavirus) situation and will keep this page up to date with the latest information.

 We are engaging with the pensions industry to understand the pressure it faces from COVID-19 and to help minimise any impact on savers.

 We expect trustees to have appropriate monitoring and contingency planning in place and to be alive to risks that would have a significant consequences for their scheme and members. We expect this to include having a business continuity plan (BCP) which sets out what actions would be taken if certain events take place that would impact the running of their scheme. Trustees should also understand their service providers’ business continuity arrangements.

 Trustees should understand what contingency is in place to mitigate any under-resource due to, for example, increase in work volumes or unavailable staff. They will also want to establish which scheme activities would be prioritised in the event of under-resourcing, for example pensioner payments, retirement processing and bereavement services, and confirm this with their administrators / providers. We are currently engaging with key administrators to understand their current preparedness.

 Our guidance on effective Integrated Risk Management for defined benefit schemes is designed to assist schemes identify, manage and monitor the factors that affect the prospects of meeting a scheme's funding objectives. Doing so allows trustees to consider how best to respond to emerging issues based on their particular circumstances. We will be setting out our position for March and April valuations in our Annual Funding Statement, to be published after Easter.