More than three-quarters of pension schemes have business continuity plans in place, although many are yet to properly review or test them, according to polling conducted by the Society of Pension Professionals (SPP).

The findings were shared at an SPP event, Cyber Risk for Pension Schemes, which was attended by more than 250 pension professionals, who were asked about the business continuity arrangements for the schemes they were involved with.

None of the respondents indicated that the schemes they worked with failed to undertake any business continuity planning.

However, over half (53 per cent) said that, although the majority of schemes they advised had a business continuity plan in place, these plans had not been reviewed, tested, or rehearsed since they were prepared.

A further 26 per cent said that most schemes they were involved with had a business continuity plan that had been reviewed, tested or rehearsed.

Meanwhile, around one in five (21 per cent) stated that most schemes recognised the value of a business continuity plan but had not yet created one.

The SPP highlighted that the results pointed to progress in awareness of operational resilience, but also underlined the need for more robust governance and regular testing of contingency arrangements.

Law Debenture Pension Trustees professional trustee, Emma Pittaway, who chaired the event, said it was "reassuring" to see over three-quarters of these pension professionals confirm that the majority of schemes they worked with had a business continuity plan in place.

“However, our discussion showed that there is more to be done to make sure plans are regularly reviewed and tested to ensure they keep pace with evolving threats, especially those posed by cyber-attacks,” she added.

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