Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment she has made of effect of stock market fluctuations due to the covid-19 outbreak on the value of occupational pensions.

The government continues to consider appropriate actions that it can take to protect both the public and the economy from the impacts of COVID-19. We have already introduced a range of measures to support businesses and individuals, ensure financial stability and reinforce social safety nets.

We recognise the pressure on pension investments during these challenging times. However, investments are for the long term and the government does not believe that interventions beyond the easements set out in guidance from the Pensions Regulator would be necessary or proportionate at this time.

On 1 April the Financial Conduct Authority, the Pensions Regulator and the Money and Pensions Service published a joint statement urging savers to take their time when making financial decisions, and to visit the Pension Advisory Service website for free pensions guidance before making any decisions about their retirement savings. https://www.pensionsadvisoryservice.org.uk/

The value of occupational defined benefit pensions is tracked monthly via the Pension Protection Fund (PPF) 7800 index. The most recent publication provides an assessment of the funding position of occupational defined benefit pension schemes, comprising both their assets and liabilities, as at 30 April 2020.

In addition, the Office for National Statistics’ (ONS) Financial Survey of Pension Schemes will provide information on the assets and liabilities of occupational pension schemes covering both defined benefit and defined contribution schemes. This is a quarterly survey with the first publication due in 2020.