Investment update - Coronavirus
As has been widely reported in the press recently, there have been significant movements in the stock market over the past couple of weeks as a result of the global Coronavirus outbreak. The impact that this may have on your pension will depend on the type of pension you have, and how close you are to retirement.
If you are a member of the Defined Benefit Section of the Scheme, you will be provided with a certain level of income when you retire, based on the length of time you have paid contributions to the Scheme and your pensionable earnings close to retirement. Any investment risk is borne by the Company, not the member, although if you have made any AVCs in the defined contribution section these would be exposed to market movements as explained above.
The State Pension is unaffected by fluctuations in the market.
The Trustees are in regular dialogue with their Investment Managers to continually review the current situation and take action if needed. Further updates will be provided on the web site, so please check back.
The Pensions Advisory Service has published an article explaining the impact of the outbreak on pensions, which you may find useful:
In addition, unfortunately the pensions industry is already finding scams related to the outbreak being reported. The Pensions Regulator has produced a leaflet which gives useful guidance on how to avoid scams:
In addition, the Financial Conduct Authority have also published guidance on their web site to help you spot and avoid a pension scam:< Back to News