Understandably some members may have concerns about Coronavirus, and whether this may have an impact on the work done by the Co-op Pensions Department.
Pace DB
The Co-op Pensions Department has a long-standing business continuity plan which we will be following, if necessary, to make sure we have processes in place to ensure benefits will be paid to scheme members. If you are receiving a pension from Pace this will continue to be paid to you as normal. The pensions team is continuing to operate but there may be longer wait times, and we ask for your patience. If you need to contact us, it would be helpful if you could email staffpensions@coop.co.uk rather than ringing with your query. Further updates will be provided on this website.
Pace DC
For members of Pace DC, Legal & General has put in place measures to make sure that benefits will continue to be paid to members. L&G has also has issued an update regarding recent market volatility which is available here https://www.legalandgeneral.com/workplace/campaigns/coronavirus/
Pension scams
Many people have been targeted by pension scams, offering seemingly attractive ‘investment opportunities’ to encourage you to transfer your pension savings to their funds. These scams can be more common or seem more attractive, particularly in times of uncertainty, such as the current coronavirus situation. Please continue to be careful and look out for potential scams. These scams could result in the loss of your entire pension savings and you could also face significant tax penalties. If in doubt, before you sign anything, you should contact the Pensions Advisory Service on 0300 123 1047.
To find out more, you can read this letter, visit the Pensions Advisory Service or visit the Pensions Regulator’s 'scams website' for details of what to look out for.