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ARTICLE · 29 MAY 2020

Will COVID-19 Create A New Or Accelerated Normal For Pensions?

Gowling WLG
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Some sectors and industries will see entirely new ways of working.

United KingdomCoronavirus (COVID-19)
Jason Coates
Jason Coates
Ian Chapman-Curry
Ian Chapman-Curry
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Will COVID-19 usher in a 'new normal' in pensions? Or will it accelerate trends that were already evident before the crisis?

Some sectors and industries will see entirely new ways of working. This is unlikely to apply in pensions. Instead, our view is that the COVID-19 crisis will lead to an 'accelerated normal'.

In other words, COVID-19 will not be midwife for the birth of new trends in the world of pensions. Instead, it will be a catalyst accelerating trends that were already in evidence before the crisis.

Trustees should consider strategically how their scheme is set up to respond to the acceleration of these trends. There will be challenges and opportunities. We recommend that a plan is put in place to strengthen the scheme's response to these trends.

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