What a difference a month makes. No longer spending hours commuting, working from home has brought new challenges for us all – grappling with technology; juggling caring responsibilities and importantly, providing essential support to our trustee and corporate clients at a time when they really value our guidance.

The impact on so many jobs is a sharp reminder too of the importance of our role in providing for the retirement incomes of thousands of DB and DC members.

Thrown into sharp focus is the need to be able to communicate with members – how do you provide reassurance, particularly to retiring DC members, if there’s no one to issue mailings, and no scheme website, and no one manning the postbox?

In the coming weeks and months, we will all have to address the fallout of the impact of markets on funding levels and contribution affordability. And how will TPR’s funding code consultation be reset – if at all – to recognise where many find themselves today?

It is undoubtedly the case that schemes which have taken the most action in recent years to reduce risk are weathering the current storm.

For the rest, we can hope that markets will recover and yields revert to previous norms – but many have been saying that for over a decade.

For today, we must support our clients in prioritising operational risks to be addressed to ensure strong governance remains in place and members continue to receive their pensions uninterrupted.

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