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PRIVACY
Professional Services

Pension schemes step up their Brexit preparations

"Savers should be reassured that their pensions are looked after."

Workplace pension schemes have stepped up their Brexit preparations - with nearly two-thirds saying they have formally assessed the potential risks during the past year, a survey has found.

Some 63% said they had, while 32% had not, and some others did not know, the Pensions and Lifetime Savings Association (PLSA) found.

The number formally looking at Brexit-related risks to their schemes has increased from just over a quarter (26%) who said they had done so in 2018.

More than half (55%) of workplace pension schemes have taken specific action to reduce risks related to Brexit, compared with 28% last year.

Some had commissioned extra advice from professional advisers and changed their asset allocation, for example.

The PLSA surveyed pension schemes representing defined benefit (DB) and defined contribution (DC) funds.

Responses came from pension managers and directors, pension investment managers and directors, trustees and chairs of trustee boards.

James Walsh, head of member engagement, PLSA, said: "The PLSA has been engaging with the Government and regulators to ensure they fully understand pension schemes' perspective on Brexit.