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The Implications of the COVID-19 Pandemic for Pensions
By Charles Sutcliffe
COVID-19 and the lockdowns have had a big global economic effect, as well as increasing mortality. We examine the effects of COVID-19 and the resulting relaxations of pension regulations on pension schemes. Those who transfer their pension or withdraw cash from their pension pot while asset prices are depressed by COVID-19 are losers; as are members of defined benefit schemes with a deficit whose employer fails due to COVID-19. The increased mortality from covid-19 will have a minimal effect on pensions. If economies recover to pre-covid-19 levels, the long run effects on pensions should be small.
Source: SSRN
