Coronavirus (COVID-19)

This subtopic contains materials, commentary and analysis of the pensions issues that may arise in relation to the outbreak of coronavirus (COVID-19) and as a result of protective measures taken to prevent its spread.

Approach taken by the pensions regulatory bodies

The Pensions Regulator, the Pension Protection Fund, HMRC, the FCA and the Pensions Ombudsman have all issued statements and/or guidance on the implications of coronavirus.

These are described in the Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees.

Issues for pension schemes

Several issues may arise for trustees of pension schemes as a result of the coronavirus outbreak. This includes issues relating to:

•
trustee meetings—eg it may be necessary to hold trustee meetings by phone or video conference
•
running the scheme—eg contingency planning and ensuring continuity will be of vital importance to trustees
•
transfers—the coronavirus pandemic may have led to an increase in transfer activity, something which trustees may have to manage at a time when they face staff shortage
•
force majeure clauses—eg a contract entered into by scheme trustees may contain a force majeure

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