19 Jun 2020 | Plan News
The Trustee understands, in these worrying times, pension scheme members are wondering if their benefits are affected. I want to reassure you that The Trustee is working hard to protect your valuable benefits by keeping a careful watch on the scheme funding, and closely monitoring service levels for critical transactions with our Administrator Willis Towers Watson.
As a result of COVID-19, we have recently invoked our Business Continuity Plan (BCP) and the Trustee BCP committee meets every fortnight to check if there is anything we need to action. So far we have not had cause for concern. Our Administrator continues to work effectively although slightly slower than usual and is prioritising work to ensure that key actions such as paying pensions and putting benefits into payment are completed first.
One area of concern for all Pension Schemes right now is the increased activity in Pension Scams. The Pensions Regulator is also concerned that due to the financial pressures of the COVID crisis, some pension scheme members might also be looking to undertake transfers, and The Regulator has directed that any member considering a transfer should receive a letter from their Trustees (see letter via this link). We would urge you to always take regulated independent financial advice before considering any transfer of your benefits or deciding to leave the scheme prematurely. These are irreversible actions. If you need help The Pension Advisory Service offer free and impartial guidance, they can be reached on 0800 0113797 or via pensionsadvisoryservice.org.uk.
We will continue to keep you posted on any changes, should they arise. The quickest and easiest way for us to do this is via the member website or via e-mail, so it is important that we hold a valid e-mail address for you. You can update your contact details on ePA, the secure member portal, at epa.towerswatson.com.
I hope that you and your families are keeping safe and well during this difficult time.
Chairman of GE Pension Trustees Limited