Current events related to COVID-19 and the related economic impact are raising a number of time critical issues that sponsors and trustees of defined benefit 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 trustees and sponsors need to consider in relation to defined benefit schemes:
The checklists cover key issues relating to:
- business continuity and the ongoing operation of the scheme
- funding and handling requests to defer deficit recovery contributions
- 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.
These checklists should be read alongside our COVID-19 briefings which can be found here:
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. 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