Guest comment: Part 2 - Tackling DC challenges posed by Covid-19

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to economies worldwide, with policymakers, businesses and individuals dealing with a wide variety of challenges brought about by the rapidly evolving situation.<br /> <br /> Defined contribution (DC) schemes face tough questions on administration, member communications, investment, governance and support on decumulation options. As trustees you may have already taken some immediate steps to deal with the current situation.<br /> <br /> Here are some key points the PLSA believes trustees should focus on next:<br /> <br /> Administration: Trustees should ask administrators how many of their employees fulfil the definition of “key worker”. Try to understand to what extent contact centres may be remote working and the impact of staff illness on operations. Ensure administrator has a clear sense of trustee priorities and proactively engage with administrators on member queries.<br /> <br /> Communication: Once initial crisis communications have been issued, trustees should step up efforts to protect members from scams, warning them against cold calls and other ‘out of the blue’ forms of contact. Members may also be concerned about market fluctuations and it is important that any at retirement decision, or fund switch, they make is suitable for the long term. Members concerned about scams and Covid-19 generally can be signposted to the Money and Pensions Service website here.<br /> <br /> Governance: Once trustees have assessed how their operation will be affected and have plans to hold an emergency trustee meeting, they should then have a strategy in place for future meetings, ensure board effectiveness is maintained and also assess cybersecurity implications of changed working habits.<br /> <br /> Investment: Covid-19 has unleashed significant volatility in global markets and a sharp fall in every major stock market. Trustees should therefore, consider the longer-term impact, consider possible investment opportunities as well as check the implications for AGM season and their approach to stewardship.</p> <ul class="soc"> <div class="sharestorytext">Share Story:</div> <li> <a class="soc-twitter" target="_BLANK" href="http://twitter.com/share?text=Guest comment: Part 2 - Tackling DC challenges posed by Covid-19&url=https://pensionsage.com/pa/Guest-comment-Part-2-Tackling-DC-challenges-posed-by-Covid-19.php"></a> </li> <li> <a class="soc-linkedin" target="_BLANK" href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/Guest-comment-Part-2-Tackling-DC-challenges-posed-by-Covid-19.php"></a> </li> </ul> </div> </div> </article>  <div class="comment-title title-style01"> <h3>Recent Stories</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Govt-to-pay-AE-pension-contributions-for-Kickstart-Scheme-participants.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-another-big-ben-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/Govt-to-pay-AE-pension-contributions-for-Kickstart-Scheme-participants.php?utm_source=jsrecent">Govt to pay AE contributions for employers participating in Kickstart Scheme</a></h3> <div> <a href="/pa/Govt-to-pay-AE-pension-contributions-for-Kickstart-Scheme-participants.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/PASA-chaired-working-group-publishes-GMP-equalisation-guidance.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/body-pen_paperstack.jpg"></a></div> <div class="content"> <h3><a href="/pa/PASA-chaired-working-group-publishes-GMP-equalisation-guidance.php?utm_source=jsrecent">Pasa-chaired working group publishes GMP equalisation guidance</a></h3> <div> <a href="/pa/PASA-chaired-working-group-publishes-GMP-equalisation-guidance.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Triple-lock-could-raise-202425-state-pension-costs-by-6bn-OBR.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-pension-calculator-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/Triple-lock-could-raise-202425-state-pension-costs-by-6bn-OBR.php?utm_source=jsrecent">Triple lock could increase state pension costs in 2024/25 by £6bn more than if CPI-linked</a></h3> <div> <a href="/pa/Triple-lock-could-raise-202425-state-pension-costs-by-6bn-OBR.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_728x90 animated.gif" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3">  <div class="sidebar-add-place"><a href="/pa/peoples-pension-mpu-29102024-removed-2024-11-27-jw-live-2025-01-30-jw" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/peoplespensionadv3/index.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div>  <div class="sidebar-add-place"><a href="/pa/lumera-ad-mpu-mobile-only" class="link-06c"></a><p class="rightsmall"><div class="sidebar-add-place hidden-md-up"> <a href="https://lumera.com/en/insights/closing-the-customer-empowerment-gap/?mtm_campaign=UK%20Q1-2%2025&mtm_source=pensionsage&mtm_content=ebook" target="_blank"><img src="/pa/images/UK_campaignQ1_2025_eBook_banner_300x250.jpg" border="0"></a> </div></p></div> <div class="sidebar-add-place"><a href="/pa/gravis-mpu-feb-2025" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/gravis-feb-25.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div> <div class="jswrap4"><div class="jstitle4">Being retirement ready</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/BlackRock 270x150.jpg" controls="" width="100%"><source src="/pa/jwplayer/BlackRock-retirement-report.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. 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