As governments and central banks across the world introduce extraordinary measures to limit the damage of this pandemic to both health and the global economy, The Pensions Regulator has urged trustees to have appropriate contingency plans in place to mitigate risks that could have significant consequences for their schemes and members.

As such, Buck has launched a checklist aiming to help trustees and employers understand these risks, including actions that can be taken to mitigate them. The checklist has been designed to cover nine central aspects of effective pension scheme management, including trustee/employer processes, scheme administration, and secretarial and governance issues. It also prioritises actions over different time periods, from actions required immediately to those recommended over the next three months and beyond.

Some immediate actions which pension schemes should be planning for over the coming month include:

1. Trustee / employer processes Adequate cash balances: Consider increasing the float with additional funds Banking: Test business continuity plans with banking and payroll providers so key activities are uninterrupted Signatures: Agree alternative processes to ‘wet signatures’, such as accepting instruction by email Employer payroll: Ensure contributions can continue in line with the schedule

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