Current events related to COVID-19 and the related economic impact are raising a number of time critical pensions-related issues that employers with defined contribution (DC) schemes and trustees of such schemes need to address. To help with this, we have created checklists (based on our experience advising clients to date) which summarise the key pensions-related issues and regulatory guidance that employers and trustees need to consider in relation to DC schemes:
The checklists cover key issues relating to:
- business continuity and the ongoing operation of the scheme
- making a claim for employer pension contributions on the Coronavirus Job Retention Scheme (CJRS) and the impact of the CJRS on pension contributions, automatic enrolment, salary sacrifice arrangements and other salary-related benefits
- reducing pension contributions
- DC investment issues
- suspending transfer values
- data protection and cybersecurity, and
- pension scams and member communications.
If you have particular concerns about your scheme or sponsor please contact us.
The contents of this publication, current at the date of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2020