Coronavirus has brought difficult circumstances for trustees. TPR is guided by one of its most important principles – protecting savers.

We’ve acted quickly to produce Covid-19 guidance to support sponsors and trustees at this time.

We’re urging trustees to consider how members will react to market or fund value falls or reductions in earnings.

Will they make inappropriate decisions, crystallise their losses or be exploited by scammers?

Savers need to trust and believe pensions remain a safe long-term investment and we’ve joined the Financial Conduct Authority (FCA) and Money and Pensions Service to urge them not to make hasty decisions to move money that they may regret later.

Trustees should review member communications. There are three important messages: Savers shouldn’t rush decisions, pensions remain a safe long-term investment, and all savers are potentially at risk from scammers.

TPR’s guidance provides trustees with suggestions on activity they may choose to suspend, such as CETV activity if it’s in members’ best interests and only for three months.

Trustees should encourage members to visit the Pensions Advisory Service website, for free plain-English pensions guidance before making retirement decisions.

Trustees and savers would benefit from visiting fca.org.uk/scamsmart - where they can learn how to protect retirement funds from pensions scammers.

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