Covid-19 update from Trustees

We are working very closely with all our advisers and our administrators to make sure the Scheme continues to run as usual during this time. We are monitoring the key activities of the Scheme very closely.

We thought we would share with you an update on the Scheme and a reminder of who to contact for help with your pension.

How are market falls affecting the Scheme?
As well as the health and social impact of the Coronavirus around the world, investment markets have also been reacting to it. In recent weeks we have seen greatly increased volatility, including some sharp falls in global stock markets but also rises in bond markets.

In recent years the Scheme has been able to reduce the risk level in its assets a great deal. As a result the recent turmoil in investment markets has impacted the funding level of the Scheme by only a small amount.

The Scheme has sufficient liquid cash reserves in order to pay all expected benefit for the foreseeable future.

Help with your pension during this time

If you are receiving a pension from the Scheme, this will continue to be paid at the usual time.

Our Administrators, Willis Towers Watson are still available to help you. They have business contingency plans in place to change working arrangements and comply with any public health guidance. As part of these plans, they will focus on critical processes, namely bereavements and retirement payments. Please bear with them as there will be delays if your enquiry is not a priority case and please only chase for an update if your request is critical.

The Trustee is pleased to confirm that the helpline is operational again following the initial outage due to remote working. If you need to contact the administration team please use the usual contact details.

Thinking of transferring your benefits out of the Scheme?
If you decide that now is the time to access your pension by moving it out of the Scheme, please be very careful – there are scammers out there waiting to steal your benefits. If your pension is valued at over £30,000, you will need financial advice before you can transfer your benefits out. Please choose your adviser with care.

Thank you for your support and patience given the continuously and rapidly evolving situation.