Brexit – what now?

31 March 2020

It’s understandable that members of the Plan might be worried about what Brexit will mean for the UK in the near future as we left the European Union (EU) on 31 January 2020. The UK is now in a transition period during which, many aspects of the UK’s future relationship with the EU are expected to be decided such as trade, law enforcement, data sharing and security. The transition period is scheduled to complete by 31 December 2020. The Trustee will continue to monitor and discuss developments with its advisers and consider any potential impact on the Plan. This will include focus on areas such as investment, administration and communicating with members where appropriate. Here are some areas you might want to think about:

  • Retirement
    If you are approaching retirement, it’s understandable that you might be nervous about the impact of the UK’s decision to leave the EU on your pension savings. Further information can be found at Pension Wise (www.pensionwise.gov.uk/en) and The Pensions Advisory Service (www.pensionsadvisoryservice.org.uk/).

  • Investment
    If you are a member of the DC Section of the Plan you can choose to invest in one of three Lifestyle options or make your own investment choices, selecting from a range of funds. Pensions are long-term investments so try to avoid making any knee-jerk decisions and not to focus too much on short-term market movements. If you have any further questions or need guidance about your investments, we recommend you contact an independent financial adviser (IFA). The Trustee can only make plans for different eventualities in the coming years.

  • Environmental, social and governance (ESG) investing
    In keeping with the UK government’s recent policy commitment to integrate sustainability into mainstream investment products, it is now required by law to take account of ‘financially material considerations’ when investing scheme assets. The law sets out that ‘financially material considerations’ include (but are not limited to) ESG considerations, such as climate change.
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