Half of pension schemes have sent “reassuring” communication to members to help alleviate concerns around Covid-19, according to a survey from Aon.

Its poll of 176 webinar attendees found that 50 per cent had sent communications, while a further 21 per cent plan to do so in the near future.

Aon said that this demonstrated that schemes are responded to member needs and supporting The Pensions Regulator’s (TPR) concern over increased risk during the crisis.

The firm’s survey also found that 71 per cent of respondents were not planning to suspend issuing transfer values, although TPR has asked trustees to warn defined benefit members against transferring to defined contribution schemes amid the pandemic.

Commenting on the findings, Aon head of member options, Kelly Hurren, said: “We are seeing most schemes continue to pay transfer values because members have a statutory right to a transfer value and some members will be planning their retirement.

"However, many schemes are reviewing the support they provide to members to ensure that they are making fully informed decisions about their retirement benefits.

“While Covid-19 has brought numerous challenges and changes to work and life in general, it’s also prompting scheme members to review their finances and focusing pension schemes on the need for clear communication with members on a number of areas.”

Aon’s survey also revealed that 19 per cent of schemes now plan to improve the support available to members as a result of Covid-19, especially on the increased possibility of fraudulent activity.

Hurren added: “TPR has already warned about the heightened risk of members being targeted by pension scams during this time and requested that trustees provide additional warnings alongside transfer value quotations to ensure that members make good decisions.

“Therefore, any additional assurance and access to good quality advice that schemes offer can only be welcomed.”

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