Management Consulting

During the COVID-19 crisis, UK pension schemes faced significant challenges in addressing member concerns and ensuring continued support amidst market volatility. Aon conducted a webinar with 176 attendees to gauge how these schemes were responding to member needs. The results revealed that 50% of respondents had already communicated reassuring messages to their members, while 21% planned to do so shortly. Notably, 71% of the schemes confirmed they would continue issuing transfer values, recognizing members' statutory rights and the importance of planning for retirement. In response to the heightened risk of pension scams during the pandemic, Aon highlighted that 19% of schemes intended to enhance the support available to members. This included providing online modeling tools and access to independent financial advice, which a third of schemes had already implemented or planned to implement soon. The Pensions Regulator's warnings about increased fraud risk prompted trustees to engage more actively with administrators to reinforce protective measures for their members. Aon's proactive approach emphasized the necessity of clear communication and support for potentially vulnerable members during this unsettled period. By focusing on member engagement and enhancing the resources available, pension schemes aimed to ensure that members could make informed decisions regarding their retirement benefits, ultimately fostering a more secure financial future for them.