Some members may, however, want to take advantage of the market falls by increasing their contributions – especially with the Bank of England base rate now offering savers returns of just 0.1%.
Best Pension Practices During The COVID-19 Pandemic07 May 2020
By Duncan Watson, CEO, EQ Paymaster
At the beginning of 2020, few people expected the new Coronavirus to become a global pandemic that would close businesses, shut down schools, and leave millions of people locked down in their homes. Since then, life as we know it has changed. And for the moment we still don’t know when it will return to anything resembling “normal”. It’s a traumatic time, not least for pension scheme members who may be struggling financially due to the lockdown, and are bound to be panicked by stock market dives and talk of a global recession.