Tackling pension shortfalls due to coronavirus: The pension recovery plan

COVID-19 is not going away any time soon, developing strategies that deal with the consequences of further unexpected restrictions and their longer-term impact on pensions, needs addressing now, as Lemonade Reward’s latest white paper outlines.

Tackling pension shortfalls due to coronavirus: The pension recovery plan

As the financial impact of COVID-19 takes its toll, the drop in pension funds and the exposure to extreme volatility due to reductions within the stock market are two of the more significant setbacks that pension members are now facing.

In its latest white paper, The Pension Recovery Plan, employee benefits and financial wellbeing consultancy Lemonade Reward addresses the longer-term effects that coronavirus will have on members’ pensions. It provides easy-to-understand guidance for businesses on combatting the new challenges and illustrates how implementing a professional strategy with education and communication at its core can help rejuvenation begin for all employee demographic groups.

The change in the working landscape and the surge in remote engagement shouldn’t be an obstacle to reaching out to members to offer them advice and reassurance.

As David Pugh, managing partner at Lemonade Reward explains: “Our qualified advisors like to deliver tailored financial wellbeing seminars that massively help engagement. We’re still encouraging face-to-face sessions, ideally one-on-one, through digital channels. This is then supported by a bespoke web portal that will guide your members with their pension plans. It keeps them connected. They can request advice, book seminars and stay up to date with financial topics.”

COVID-19 is not going away any time soon and while we have already started to adapt and tackle the short-term effects on businesses and employees, developing strategies that deal with the consequences of further unexpected restrictions and their longer-term impact, needs addressing now.

The paper looks at the different scenarios that govern employees, depending on whether they are in or approaching retirement, starting out, or self-employed. Proactive methods are outlined to help the most vulnerable people and keep businesses growing. Download the paper here.

This article is sponsored by Lemonade Reward.