Coronavirus (COVID-19)

We're here to support you through the challenges of the coronavirus pandemic. Stay up to date right here and find the online help and support you need fast.

 
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I’m a member of The People’s Pension, what do I need to know about coronavirus and my pension?

I’m an employer

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I’m an employer with an account with The People’s Pension. What do I need to know about managing our pension scheme through this difficult time?

I’m an adviser

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I’m an adviser for an employer or member of The People’s Pension, what do I need to know and how can I continue to support my clients through this difficult time?

I’m none of these

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Not a member, employer, or adviser? Here’s some general information about how we’re continuing to support our employers and members through this difficult time.

I’m a member

See content specific to members.

I’m a member of The People’s Pension, what do I need to know about coronavirus and my pension?

I’m an employer

See content specific to employers.

I’m an employer with an account with The People’s Pension. What do I need to know about managing our pension scheme through this difficult time?

I’m an adviser

See content specific to advisers.

I’m an adviser for an employer or member of The People’s Pension, what do I need to know and how can I continue to support my clients through this difficult time?

I’m none of these

If none of these apply to you, see our default content.

Not a member, employer, or adviser? Here’s some general information about how we’re continuing to support our employers and members through this difficult time.

Getting help and support

I’m a member

See content specific to members.

Our teams are ready to respond to you by email or on the phone. Going online is usually the best way to get support, fast. It also means you can manage your pension when it suits you.

If you have a question, please:

Our phone line is open Monday-Friday 8.30am-7pm and Saturdays 9am-1pm.

Read our experts’ latest blogs to find out how we’re adapting to a changing world.

I’m an employer

See content specific to employers.

Our teams are ready to respond to you by email or on the phone. Going online first is usually the best way to get support, fast.

If you have a question, please:

Our phone line for employers is open Monday to Friday, 8.30am-5.30pm.

Read our experts’ latest blogs to find out how we’re adapting to a changing world.

I’m an adviser

See content specific to advisers.

Our teams are ready to respond to you by email or on the phone. Going online first is usually the best way to get support, fast.

If you have a question, please:

Our phone line is open Monday to Friday, 8.30am-5.30pm.

Read our experts’ latest blogs to find out how we’re adapting to a changing world.

I’m none of these

If none of these apply to you, see our default content.

Our teams are ready to respond to you by email or on the phone. Going online first is usually the best way to get support, fast.

If you have a question about The People’s Pension, please:

Our member phone line is open Monday-Friday 8.30am-7pm and Saturdays 9am-1pm.
And our phone line for employers and advisers is open Monday to Friday, 8.30am-5.30pm.

Read our experts’ latest blogs to find out how we’re adapting to a changing world.

I’m a member

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I’m an employer

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Coronavirus enquiries

What happens to my pension when I’ve been furloughed?

You and your employer should continue contributions to your pension when you’re furloughed, based on the amount you’re being paid. Since August, employers have no longer been able to claim back their minimum pension contributions from the government, and must continue to pay their contributions for your pension as part of their legal duties. Remember that if you’re on furlough and your employer isn’t topping up your salary, the total amount you earn will be lower. This means your pension contributions will be lower too.

Employee contributions cannot be claimed back from the government under the Coronavirus Job Retention Scheme (CJRS), so you should continue to pay as per the legal minimums, or whatever is set out in your contract.

Read more about what to do if you want to reduce your contributions.

Changes to the CJRS

What contributions do employers need to pay?

  • Employers should continue contributions at the regular agreed rate.
  • If your employer uses qualifying earnings to work out pension contributions, and your earnings fall below £520 per month, contributions may not be due.
  • If your employer is using salary sacrifice, the rules are a bit different as contributions should continue at the rate agreed with your employer. Check with your payroll department how it might work for you.

What will happen to my pension if my employer goes out of business?

Your pension is your money, invested in your name. If your employer goes out of business, you’ll no longer receive contributions from them going forward but your pension pot is held separately and won’t be available to your employer’s creditors.

If your employer does go out of business and pension contributions are outstanding, this can impact your ability to claim a small pot lump sum until those contributions have been paid. An Insolvency Practitioner will be responsible for gathering all the information on pension payments that your employer should’ve made before the insolvency date. This process can take a considerable time to complete.

If I’m made redundant, do I have to pay pension contributions based on my redundancy pay?

The tax-free redundancy payment (up to £30,000), ie the lump sum you’d get for being made redundant, isn’t counted as pensionable earnings and therefore isn’t subject to pension deductions. What you receive in your final period of employment which is your normal taxable pay will be subject to the same auto enrolment deductions.

Need more help?

More information about how coronavirus might affect your pension can be found on gov.uk.

How might coronavirus affect my pension?

You may have seen news reports about how the coronavirus outbreak has caused uncertainty in world stock markets, including those in the UK.

While short-term drops in the value of your pension savings can be worrying, in the long term, the value can go up as well as down. So it’s important to look at the bigger picture.

Read more about how coronavirus may affect your pension on The Pensions Advisory Service website

Pension saving is about the long term

For younger savers who need investment growth, there’s plenty of time for the markets to right themselves.

And for members who are approaching retirement sooner and are in one of our investment profiles rather than self-selecting, we take steps to protect their pension savings from unnecessary risks as they get closer to retirement. Please note that a glidepath doesn’t guarantee the value of your pension pot – the value of investments can go down as well as up.

Find out more about investment changes approaching retirement.

Considering accessing your pension savings soon?

This can be a very worrying time but hasty decisions could have a big impact on your future.

You can normally start taking money out of your pension pot from the age of 55 if you want to (the government proposes to increase this to age 57 from 2028).

But remember you’ll receive only the current value of your pension pot. So, if you access your pension savings now, you might miss out on any increases in value in the future if markets recover.

It’s a good idea to focus on your needs in the long term rather than on current events, and to take advice before making decisions.

If you’re experiencing financial difficulties, it’s worth exploring any other savings you might have before taking your pension savings and looking at what other sources of support are in place. More information can be found on the Money Advice Service website. The Money Advice Service also has a debt advice locator tool to help you find out where you can go to get free debt advice.

The Financial Conduct Authority (FCA) has also put together some helpful information on their website. It explains why you should stay calm and not rush into any financial decisions – and how to avoid pension scams. We recommend you read this before making any decisions about your pension savings.

FCA guidance on making pension decisions during the coronavirus outbreak

Be aware of pension scams

There are people out there with a variety of tricks up their sleeves to try and hook you into transferring your pension funds into bogus schemes.

If something seems too good to be true, chances are it is. Read up on how to spot pension scams before making any decisions.

And remember that we will never contact you out of the blue to ask for any of your personal or account information, such as your password or sign-in details.

How to spot pension scams

Get guidance and advice

Choosing what to do with your pension savings is an important decision, so you may want to seek advice or guidance before you decide.

We recommend that you get guidance from Pension Wise about your options. And if you don’t have a financial adviser already, you can find one in your area by visiting the Unbiased website.

Plus there are lots of other places you can get pensions guidance and advice too…

Your guidance and advice options

I’m an employer

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Coronavirus enquiries

What financial support is available from the government for businesses during coronavirus, and how does it work with pension contributions?

The government has implemented a number of schemes to support businesses. You can find out the details and check what support you may be eligible for on the government’s website.

Find out about financial support for businesses during coronavirus on the government’s website

Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) has been extended. It offers grants to cover a portion of the wage costs if you’ve put staff on furlough because of coronavirus.

Since the beginning of August, employers have no longer been able to claim back their pension contributions and National Insurance contributions for staff through the scheme.

Find out about claiming wage costs through the CJRS on gov.uk

Kickstart Scheme

The Kickstart government scheme offers financial support – including pension costs – for employers who provide work placements for young people.

Eligible employers can apply for grants through the scheme to cover the National Minimum Wage for 25 hours a week for eligible 16-24-year-olds, as well as the associated National Insurance contributions and employer minimum pension contributions.

Find out about the Kickstart Scheme on gov.uk

Your auto-enrolment duties as an employer

The Pensions Regulator (TPR) has informed us that employers must continue to meet their auto-enrolment duties – including re-enrolment – and expects you to continue contributing in full, and on time.

However, TPR has acknowledged this is a challenging time for employers and confirmed they’ll take a proportionate and risk-based approach where possible. Their aim of focus is on supporting you and your employees at this time.

Earlier in 2020, TPR temporarily changed the rules around late payments so providers like us don’t have to report companies to the TPR unless they’re in arrears of 150 days or more (rather than the usual 90 days).

However, TPR has announced that from January 2021 (and by no later than 1 April 2021), providers will need to revert back to reporting employers with arrears of pension contributions of 90 days or more.

While the temporary measures are still in please be aware that you’ll still receive reminders if your payments are overdue as these are sent out automatically.

Find out more about guidance on payments on the TPR website

I’m an adviser

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Accessing information about your client’s account

We’re busier than usual so if you contact us for policy-specific information about your client’s account, we may not be able to handle your request during this time.

Information about The People’s Pension

You can find lots of information about The People’s Pension on our website, which should answer most of your questions. For example…

Policy-specific information

For policy specific information, many of your questions can be answered if your client accesses their account online. For example, members will be able to find information on things like:

  • Fund values
  • Investment choices
  • Beneficiaries
  • Selected retirement age
  • Transactions and contributions

It’s quick and easy to get set up – your client simply needs to visit our Manage account page to get started. Members will need their customer number and National Insurance number handy. Please note only your client is able to access and set up their own account.

 

Share our video with your member clients to help them set up their Online Account…

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Other common enquiries

Submitting pension contribution data

Common questions about submitting your employees’ pension contributions to us:

 

Making changes to your Online Services account

Common questions about making changes to your account set up or the way you submit employee data to us:

I’m an adviser

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Supporting your clients during the coronavirus outbreak

We’re providing information to help answer our members’ and employers’ common questions during the coronavirus outbreak – which you may also find useful to help you support your clients at this difficult time.

Member coronavirus information

See our latest updates to members to help answer their coronavirus-related questions and other common enquiries.

Employer coronavirus information

See our latest updates to employers to help answer their coronavirus-related questions and other common enquiries.

You can also find information to help you support your clients with other non-coronavirus-related enquiries, such as consolidating legacy schemes or re-enrolment, through our Support for advisers webpage.

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Use your Online Account to manage your pension

Log in or set up your Online Account to find out about your account with us and manage your details.

Check our online help and support

You can search our content or use the list of helpful links above to find the answer to your question.

Contact us online by submitting an enquiry form

If you can’t find the answer to your question in your Online Account or our online help and support, contact us online.

I’m an employer

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Manage your scheme online

Log into your Online Services account to manage your scheme.

Check our online help and support

You can search our content or use the list of helpful links above to find the answer to your question.

Contact us online by submitting an enquiry form

If you can’t find the answer to your question by in your account or our online help and support, contact us online.

I’m an adviser

See content specific to advisers.
Check our online help and support

You can search our content or use the list of helpful links above to find the answer to your question.

Contact us by submitting an enquiry form

If you can’t find the answer to your question on our website or in our online help & support, contact us online.

I’m none of these

If none of these apply to you, see our default content.
Check our online help and support

Search our website and online help and support to find the answer to your question.

Contact us by submitting an enquiry form

If you can’t find the answer to your question on our website or in our online help & support, contact us online.

I’m a member

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I’m an employer

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I’m an adviser

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