UK pensions regulator, Mike Birch, the director of supervision at The Pensions Regulator warns on employer insolvency.
Mr. Birch said on Thursday, November 12, that the trustees of British defined benefit – or final salary – pension schemes must be ready for possible employer distress or insolvency to protect their members as COVID-19 impacts the economy.
“Trustees are the first line of defence for savers,” he said.
The UK pensions regulator said that the impact of the COVID-19 pandemic was challenging for employers and the pensions sector, before adding:
“The faster they act, the more options and greater time they’ll have to protect members’ retirements. Trustees should know the signs of distress, and preparations can be made before these signs appear,” he concluded.
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