Posted by Sam Topham at 30/03/2020 11:17:28
The situation surrounding coronavirus is fast moving, but ERPF would like to reassure our scheme members that we are doing everything we can to ensure our service is not disrupted during this time. ERPF is monitoring the latest advice from the UK Government to manage any consequences for scheme employers, scheme members and our own staff.
ERPF’s priority will be to protect the Fund against the impact of interruptions and we have already put robust measures in place to ensure that we can continue to pay pensions and administer the scheme whilst dealing with any significant event (such as the possible impacts of coronavirus). These measures are tested regularly as part of our Business Continuity Plan and will continue to be reviewed over the coming days and weeks. As the situation develops ERPF may need to limit non-essential services and we will continue to keep scheme members updated of any decisions or actions taken. At present, ERPF services are operating as normal.
As a result of coronavirus and the recent global downturn in the economy, the Scheme Advisory Board (SAB) have issued a statement and have asked ERPF to reassure scheme members that their pension benefits will not be affected. The LGPS is a defined benefit scheme set out in law and therefore benefits payable will not be directly affected by stock market changes or performance of investments. Member’s pension accounts are revalued each year to allow for inflation and to keep up with the cost of living which are shown yearly on the annual benefits statement or payslip.
The SAB statement can be accessed here: