Two-thirds of the industry don’t expect to return to non-home offices until at least September and 55% don’t expect a return to face-to-face business as usual for at least a year, exclusive PP research reveals.
PP's Pensions Buzz Survey among 84 trustees, scheme managers and advisers revealed the majority felt the return to business as usual would take a significant time - with some 62% not expecting to return to non-home offices until at least September.
As one noted: "Our company is planning for remote working until at least the end of 2020."
Respondents to our survey noted concerns around public transport and enabling social distancing in offices as key bars to an early return.
They said their firms were now looking to reduce the numbers of people needed in the office on a longer-term basis by allowing more people to work from home on a more regular or permanent basis and through things such as an increase in virtual meetings and the creation of cross-functional teams .
When asked how long they thought it would be until the industry is operating in a near-normal ‘face-to-face' way - going into the office and attending meetings and conferences in person in a similar way to before the crisis - 55% of respondents said it would take at least a year and a further 29% said it would take at least nine months.
As one explained: "Fear will exert a very strong influence on behaviour for a long time; I think a 'new normal' beckons."
The latest update from the Continuous Mortality Investigation (CMI) for week 30 of 2020 shows a sixth successive week of recovering death rates amid the coronavirus pandemic.
Have your say: Will the WPC's inquiry into the impact of pension freedoms be too overshadowed by Covid-19 impacts?
In this latest Pensions Buzz, we want to know whether you think the Work and Pension Committee's inquiry into the impact of pension freedoms between 2015 and 2020 will be too overshadowed by Covid-19 impacts?
Professional Pensions is compiling a list of professional trustee firms and is looking for your help...
The retirement of the Kames Capital brand will be completed nine months after it was announced the specialist investment management business would move to Aegon Asset Management (AAM).
The number of defined benefit (DB) schemes employing a sole trustee model is expected to double over the next five years, according to an Aon poll of the sector.