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Pensions: Response to COVID-19
27 April 2020
Type
Written Ministerial Statement
Department
Department for Work and Pensions
At a Glance
Issue Summary
The statement outlines measures taken by the UK government to support pension savers, schemes, and beneficiaries during the COVID-19 pandemic.
Action Requested
The government has revoked a planned levy increase on pensions, providing £4.9m in savings for the private sector. It also supports employers through the Coronavirus Job Retention Scheme, covering up to 80% of furloughed workers' salaries and employer pension contributions. Additionally, guidance is provided to Defined Benefit schemes and measures are taken to protect savers from scams.
Key Facts
- The government revoked a planned £4.9m general pensions levy increase on April 1st, 2020.
- The Coronavirus Job Retention Scheme covers up to 80% of furloughed workers' salaries and employer pension contributions.
- Guidance for Defined Benefit schemes is provided to handle the current situation flexibly.
- Approximately 900,000 POca customers have been supported to access their pensions or benefits during shielding.
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