Covid-19 update 5. Thursday 26th March 2020
- Auto Enrolment pensions. With the global impact of coronavirus dominating daily news, some of you and your workers may also be asking what this means for pension savings. We recognise this is a difficult time and we’ll be updating this page regularly. Presently, employers’ duties remain unchanged, so please where possible continue to follow your normal processes and pay contributions when they are due.The government has recently announced a range of measures aimed at helping businesses continue to keep employees on their workforce and payroll in these difficult times.We don’t yet know how this will affect auto enrolment contributions. We understand the U.K. Government will provide clear direction on workplace pensions shortly. We’ll communicate any decisions as soon as possible.The most important point to make is that pensions are long-term savings and it’s best to think of them in terms of decades, not months or even years. Most savers are unlikely to experience a long-term impact from financial market falls either because they’re young enough to comfortably ride them out or because we’ll have moved their money into ‘safe haven’ assets as they get closer to retirement.We would like to reassure you that we are paying very close attention to our members’ investments and we’re confident our approach is suitable now and over the long term.
- Company filing extension. Companies will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19. Here is a useful link.