Covid-19 Trustee message April 2020

Message from the Trustee of the Combined Nuclear Pension Plan to our members re Coronavirus – to help you with tax year-end questions

The Trustee again wants to assure you, our members, that looking after your pensions is the Trustee’s top priority. The Trustee has decided that payment of pensions must take precedent. This means that if services are affected, the Trustee and both the DB and DC Plan administrators will be prioritising pension payments to the forefront of what we protect.

Our Plan administrators are continuing to take all sensible measures to mitigate the impact of the virus and keep services running as normal. An area in which you can assist is around any questions you might have about tax-year end. We have put together some tax year-end Frequently Asked Questions (FAQs). Please read the FAQs and only contact the Plan administrator if the FAQs do not answer your question. This will reduce the workload of the administrators at this busy and critical time.

Important message about potential scamming
The National Fraud Intelligence Bureau (NFIB) and Action Fraud are each reporting new trends in fraud related to the Covid-19 pandemic. This seems to be becoming big business. The majority of reports are related to online shopping scams where people have ordered protective face masks, hand sanitiser, and other products, which have never arrived. But pension scheme members may also be increasingly targeted where scammers try to lure them to move their pension monies to allegedly “safe havens”. In addition, there is also an increase in Covid-19 themed phishing emails, attempting to trick people into opening malicious attachments which could lead to fraudsters stealing people’s personal information, email logins and passwords, and banking details.

Please think carefully before you consider transferring your pension. The Pensions Regulator has highlighted that members could be increasingly targeted by scammers attempting to lure them to ‘safe havens’. You need to be very wary of potential scams. You should visit ScamSmart which has specific guidance relating to COVID-19. https://www.fca.org.uk/scamsmart/how-avoid-pension-scams https://www.thepensionsregulator.gov.uk/en/pension-scams Take the 4 simple steps set out at ScamSmart to protect yourself from pension scams.