06/04/2020
I am writing to you on behalf of the Trustee of the Wincanton plc Pension Scheme (“Scheme”) to provide you with an update on the ongoing Covid-19 virus situation. In particular, the Trustee is aware that now is a particularly difficult time for members, and some may be more reliant on pension payments than ever before.
How are my investments performing?
Investment markets around the world are currently experiencing a period of uncertainty due to concerns surrounding the recent increase in reported cases of coronavirus (COVID-19) globally. As the market attempts to manage the potential economic impact of the virus, periods of volatility where fund performance varies significantly over a short period of time are likely to persist.
The Trustee continues to monitor the situation with their advisers.
What does this mean for me?
Short term uncertainty in the value of your pension savings can cause concern, but for many members, the time for taking benefits remains many years, sometimes decades in the future and markets are likely to have recovered before you need to use them. If you are nearer retirement, you may wish to consider if your pension savings are still appropriate for your retirement plans.
The Trustee would like to remind you to periodically consider whether your investments are right for your circumstances, your retirement plans and your investment time horizon.
How do the Lifestyle Investment Options work?
Most members are invested in one of two lifestyle investment options. Both lifestyle options reduce investment risk for members who are closing in on retirement. As such, for those members nearing retirement, your savings will have been protected against some of the falls in the stock markets. For members who are some way from retirement, investing in pensions is for the long term and the expectation is that investment markets will contribute to your savings positively.
How is Capita ensuring they can continue to pay pension benefits?
As part of its business continuity planning, Capita has robust measures in place. This includes ensuring the health and safety of its staff and allowing them to continue working safely and securely from home.
Although the present situation inevitably means a different way of working, at least in the short term, Capita remains absolutely committed to delivering the best possible levels of service for our members. Capita continues to monitor the situation closely and will act to minimise any impact on the day to day operations.
Important information
In these challenging times, pension savers are being increasingly targeted by scammers attempting to lure them to ‘safe havens’. We recommend you take extreme caution if you are considering transferring your pension and visit ScamSmart which has specific guidance relating to Covid-19. For more information you can also visit The Pensions Advisory Service.
Where can I find out more information?
If you have any further questions about your pension benefits or wish to find out the value of your pension savings, please do get in contact with Capita.
You might want to discuss your pension options with The Pensions Advisory Service or alternatively, if you’d like help with broader money issues then you can contact the Money Advice Service. Both services are free and provided by the Government.
This update is provided for information only and does not constitute financial advice. If you need advice, you should contact a regulated financial adviser.