UK's pensions minister endorses new guide for covid-19 concerns
Britain's minister for work and pensions today confirmed his "full support" for a multi-organisation pensions guide for allaying concerns over the covid-19 crisis.
Guy Opperman (pictured) said the online information guide, prepared by seven UK pension organisations, represents a "useful addition" to measures already put in place by the government.
The information guide is aimed to reassure scheme members amid concerns about the Covid-19 crisis on financial wellbeing in the UK.
The guide, entitled Covid-19 and Your Pension: Where to Get Help, was created and written specifically for pension savers.
It was prepared by the Pension Protection Fund (PPF) has joined forces with the Department for Work and Pensions (DWP), the Financial Services Compensation Scheme (FSCS), the Money and Pensions Service (Maps), The Pensions Regulator (TPR), the Financial Conduct Authority (FCA) and The Pensions Ombudsman.
Opperman said: "We're doing whatever it takes to ensure people are supported through these unprecedented times and this guide is a useful addition to the measures pensions bodies have already taken to assist savers, such as the TPR's transfer warnings and reporting easements.
"Keeping people informed is vital, and I welcome the coordinated approach being taken by the different pension bodies to assist anyone who needs advice or guidance."
Oliver Morley, PPF chief executive, said: "There are over 10 million members of corporate defined benefit schemes across the UK who may not be aware of our role in protecting them should their scheme or sponsoring employer be unable to pay their pensions in the future.
"It's really important that those saving into any scheme are aware of the measures that are in place to protect them. I'm delighted that we're coming together with our partners across the industry to reinforce this message and launch this guide today."
TPR chief executive Charles Counsell added: "By working together, all organisations whose goal it is to protect savers are at their most effective, and so I welcome this guide as a useful tool to drive confidence in pensions."
The full guide is on the PPF website.
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