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Coronavirus update for members

Posted on: 24/03/2020

As the impact of the coronavirus is felt across the UK, we want to reassure members that looking after their pension is the Trustee’s top priority.

If the situation worsens, and normal service cannot be fully maintained, we’ll prioritise the payment of pensions. This may mean that it takes longer than normal to respond to other enquiries and we thank you in advance for your patience. And before making any new enquiries, we’d encourage you to use the Member Portal if you’d like to update any of your personal details or beneficiaries, or explore this website as the answers to many of the most frequently asked questions can be found here.

If you’re a Nationwide Building Society member, you can check here to see the range of help and support being offered which includes early opening for elderly and vulnerable members.

Mark Hedges, Chief Investment Officer of the NPF, has said “The world is experiencing a period of extreme uncertainty as the Coronavirus continues to impact people’s lives. Many of you will be aware of the effect the spread of the virus has had on global financial markets and consequently may be concerned about how your own pension may be impacted.

The Fund has a diverse investment strategy, combined with prudent hedging of its liabilities which helps to mitigate risk, and it’s currently holding larger than normal cash balances. As a result we fully expect the Fund will be able to meet all demands in the short to medium term.

We’ve also been working with our advisers, fund managers and key providers to understand their business continuity plans and we’re confident these are robust, whilst also supportive of them protecting the health of their staff.

So whilst these are unprecedented times the Fund is very well placed to manage the investment portfolio and to continue the payment of pensions.”