Pensions must “ensure” members protected in Covid-19 crisis

Pension_protectionAs the coronavirus continues to wreak havoc on global markets, the Pension Administration Standards Association (Pasa) has published guidance to support administrators during the ongoing crisis.

According to Kim Gubler, Pasa chair, the business resilience and agility of pensions will be “critical in ensuring members are protected”.

“In the space of a few weeks the world has changed for us all, the Covid-19 pandemic represents a once in a generation global shift,” she said.

“Pension administrators will need to transform their way of working to enable their people to deliver effective remote services to clients and members.  The speed and scale of what has happened has been completely unprecedented.”

The guidance states that administrators must concentrate on continuing to pay promised benefits, ensuring there are sufficient funds available and keeping accurate records of any work in progress.

“Our guidance will support administrators through this uncertain period, guiding them through both basic and higher enablers so we continue to deliver to members,” Gubler said.

Pasa is an independent body set up to improve standards in pensions administration.

© 2020 funds europe

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