01st Apr 2020

Our support in these difficult times

The current, unprecedented, situation is understandably placing extreme pressure on sponsors, Trustee Boards and members, both in terms of their personal and business lives. The huge falls in investment markets exacerbate such pressures and such strains will likely continue over the next few months, with repercussions felt far beyond that. Company payroll teams and in-house administrators will likely be affected, potentially jeopardising payment of pensions to vulnerable people. Some pension scheme trustees may have IT issues when working from home and many, unfortunately, may also fall into the “vulnerable person” description issued by the government. Given the composition of many Trustee Boards and the impact the virus might have, it is also possible that Boards may lack enough trustee representation to have a quorum, just at a time when decisive action or strategic direction could be critical. Cybercrime will also become an even greater threat as more Trustees and their advisers / administrators work from home. Sponsors’ cashflow could be needed to keep their businesses afloat and redesigns of recovery plans may be required, very quickly. Trusted advisers and fiduciary managers may face staffing issues and consequently increased operational risks.

While in no way complacent, 20-20 Trustees has thus far managed to navigate the current issues and uncertainty pretty well and is thankfully in a position where we are able and keen to provide immediate and/or temporary assistance to those Trustee Boards and sponsors who are less fortunate than ourselves and might be facing such short-term challenges and emergencies. We already help various organisations and want to use our expertise and resource to do our bit to help the country, and ultimately members, weather this storm.

If you are a Trustee or sponsor in need of such assistance please contact us.