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COVID-19 and your pension
What it means for you

As a member of a Defined Benefit (DB) scheme your benefits (other than AVCs) are not directly affected by the current unsettled market conditions. However, you may have some concerns. Please read this announcement for more information.

Investment markets have been reacting strongly to the coronavirus pandemic and its impact on businesses around the world. This means that the funds the Scheme invests in may move significantly over short periods. While the speed of change just now is certainly unusual, markets always move up and down.

Our main message to you now is that, as a member of a DB pension scheme, you are not directly affected by changes in the value of the Scheme’s investments.

The Scheme gives you a guaranteed benefit based on your salary and length of service. That means that, while the Scheme’s investments may rise and fall, your benefits will be unaffected. The investment risk is borne by the company.

You may be thinking about transferring away from the Scheme. A move away usually means that you take on the investment risk yourself. If you have been planning a transfer we cannot advise you, but it may be worth speaking to your financial adviser who can help you decide whether the time is right to be making a move.

What else should you be thinking about?

Someone will always be looking to take advantage of a crisis. Now, more than ever, you should be very wary of scammers trying to tempt you to transfer out of the Scheme. They may offer the chance of virus-proof returns or immediate access to cash. As always, tips to keep your benefits safe include:

  • Never engage with a cold-caller, unexpected text or email;
  • Never be rushed into making a commitment;
  • Always check the background of the person you are dealing with;
  • Always remember that if it sounds too good to be true it probably is;
  • For more help go to

Need more information?

The Pension Protection Fund has published a guide for pension scheme members to provide some reassurance for those concerned about the impact of the pandemic on their retirement. Visit to read COVID-19 and your pension.

The Scheme’s Administrators are working hard to keep scheme business running smoothly. If you have any queries please contact them. While they are adapting to new working arrangements it may take a little longer than usual to deal with your query, but their contingency plans are working well so far.

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