News

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

Most read in May

Irish ETFs: Covid’s challenge to ETF project deadline

Ireland seeks greater efficiencies for its ETF industry, but lockdown threatens to delay a key plan to upgrade operations before the end of the year. Nicholas Pratt reports.

Association column: Where do we go from here?

The gravity of what is happening as a result of Covid-19 casts a long shadow over other thoughts. Accompanying the shock, distress and grief, the demonstrations of selflessness, compassion and resilience have lifted our collective spirit. We are indebted to all those who do the extraordinary for others.

Exchange-traded funds: With flying colours?

ETFs recently marked their 20th birthday in Europe amid uncertainty and volatility. The Covid-19 crisis has hit indices hard but opportunities in these index-based investments still exist, say experts.

Technology: Tech will ‘democratise’ wealth management

With the help of technology, retail investors will be able to access assets previously available only to institutional clients. Bob Currie reports on new research by Funds Europe and Calastone.

Post-Covid-19: There’s no going back

Covid-19 has prompted fund managers to consider how the world will change – perhaps forever – in terms of globalisation and, notably, the response to climate change. By Alex Rolandi.