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Pensions: Coronavirus

Treasury written question – answered on 20th May 2020.

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Photo of Rachel Hopkins Rachel Hopkins Labour, Luton South

To ask the Chancellor of the Exchequer, whether the Government has plans to provide additional support to people with private pension schemes that have been affected by the covid-19 outbreak.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

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 measure to support businesses and individuals, ensure financial stability and reinforce social safety nets.

We recognise that the value of investments may have fallen, including those held in private pensions. However, investments are for the long term and the government does not believe there are proportionate interventions to be made at this time.

On 1 April the Financial Conduct Authority, 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 Pensions Advisory Service website for free pensions guidance before making any decisions about their retirement savings.

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