COVID-19 and your pension
We know it is an unsettling time with COVID-19 affecting so many people globally and in the UK.
As Trustees of your scheme, we want to assure you that we are working with Legal & General to minimise any impact to our members.
The Mastertrust and Legal & General have extensive business continuity plans in place for situations such as this. From the outset, their Major Incident Team has been meeting several times each week to ensure all plans are in place. The Trustees have been kept up to date with the activity providing input and approval where required. This includes enabling employees to securely access systems remotely so that the Mastertrust can continue to operate effectively and, if necessary, with reduced numbers of staff.
Legal & General have created a designated area on their website to provide access to information about COVID-19 (coronavirus) and any effects on your pensions and investments. Should you have any questions, we would encourage you to please use this hub as your first port of call.
We have been in discussions with Legal & General to ensure they are well prepared to deal with issues that may yet arise and to ensure we do the best for our members. We will continue to receive regular updates on any concerns that you may raise through your contact with Legal & General and monitor and oversee how these are being addressed. We also listen and adhere to the advice we receive from government and regulators.
As a result of COVID-19, there has been some market volatility. Most default options available to members are diversified to help limit the effects of volatility. Pensions are a long-term investment and the value of your pension pot can go down as well as up.
If you are thinking about making a change to your investments as a result of COVID-19, please think carefully; Legal & General aren’t authorised to give personal financial advice and if you’re unsure how to proceed, you might like to get professional financial advice. If you haven’t got a financial adviser, you can find a list of advisers at www.unbiased.co.uk. There is more information available on Legal & General’s website.
The fastest way to keep track of your retirement savings and see your investments is to visit Manage Your Account, it only takes a few minutes to register if you haven’t visited before.
Finally, we wish our members well and hope you are keeping safe at this challenging time. If you have any questions, please do contact Legal & General.