Professional Pensions and Mercer Deskflix Event: Covid-19
Dealing with the impacts. The event examines how the pandemic has amplified some of the challenges DB and DC pension schemes have to overcome, and how you’ll now need to rise to a new set of challenges that, whilst created by Covid-19, are probably here to stay.
While the Covid-19 pandemic will see many feel the pinch on their pension savings, it has the potential to drive real positives in the workplace, says Malcolm McLean.
The Pensions Management Institute has produced an industry guide to Covid-19.
Keeps interest rates and QE at current levels
Pension scheme trustees considering requests by employers to delay contributions into defined benefit (DB) schemes need more stringent plans for how contributions will be ‘switched on’ again, according to Lane Clark & Peacock (LCP).
Deloitte has launched a consultation with employees in plans to slash employer pension contributions by nearly two-thirds for 12 months.
While furloughed workers are still entitled to pension contributions, Justin Corliss says employers must consider the impact of Covid-19 on their duties.
The government has been urged to extend the scheme pays deadline for NHS Pension Scheme members in light of the Covid-19 crisis.
The proportion of defined benefit (DB) schemes closed to future accrual has increased by 18 percentage points over the last five years, according to Barnett Waddingham.
After a bumper year, insurers are now facing a slower and smaller pipeline as schemes grapple with Covid-19, writes James Phillips.
The Pensions Regulator (TPR) has published its 2020 annual funding statement outlining how defined benefit schemes should approach forthcoming scheme valuations.