The government has said that it does not believe that there are “proportionate interventions” to be made at this time in pension investments affected by the Covid-19 crisis.

In an answer to a written question, Economic Secretary to the Treasury, John Glen, said that although the government recognised that the value of investments may have fallen, it would not be intervening.

The question, posed by Labour MP for Luton South, Rachael Hopkins, asked whether the government planned to provide additional support to people with private pension schemes that had been affected by Covid-19.

In response, Glen stated that the government was continuing to consider “appropriate actions” that could be taken to provide “both the public and the economy” from the negative effects of Covid-19.

“We have already introduced a range of measure to support businesses and individuals, ensure financial stability and reinforce social safety nets,” he continued.

“We recognise that the value of investments may have fallen, including those held in private pensions. However, investments are for the long term and the government does not believe there are proportionate interventions to be made at this time.

“On 1 April the Financial Conduct Authority, The Pensions Regulator and the Money and Pensions Service published a joint statement urging savers to take their time when making financial decisions, and to visit the Pensions Advisory Service website for free pensions guidance before making any decisions about their retirement savings.”

Share Story: