Guy Opperman

Seven bodies with responsibility for protecting UK pension savers’ pots have joined forces to create an information guide to reassure scheme members amid concern about the impact of the Covid-19 crisis on financial wellbeing in the UK.

Savers should not rush into making rash changes to their pensions, the government has warned as the Covid-19 crisis continues to hit financial markets.

Julian Mund says the pensions industry, regulators and government are all working together to mitigate the impact of Covid-19 on savers.

The Money and Pensions Service (Maps) has published its first full report on progress on the pensions dashboard so far and has flagged “significant” delivery challenges in the face of the coronavirus pandemic.

The Department for Work and Pensions (DWP) has cancelled a planned rise to the general levy amid the ongoing Covid-19 outbreak.

The Parliamentary Contribution Pension Fund has been criticised for continuing to invest in fossil-fuel heavy companies despite a push into renewable energies.

Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”

Small defined contribution (DC) schemes will be “nudged” into consolidation under new government plans to ramp up governance.

Guy Opperman says he will not slow down on aiming to implement “ambitious” programmes to tackle climate change while the government will also continue to intervene where it feels the industry is not doing enough.

A consultation has been launched on guidance to help schemes get to grips with assessing, managing, and reporting climate-related risks in-line with Task Force on Climate-related Financial Disclosures (TCFD).