96% of pension funds and trustees preparing for a long-term COVID-19 fallout
Pardon the Interruption
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96% of pension funds and trustees who took part in mallowstreet’s COVID-19 survey believe that the macro effects of COVID will last longer than 4 months, with 58% saying it will take over a year.
The survey was launched on Friday 13th March and has 56 qualified responses from leading professionals across the industry. The research forms part of mallowstreet’s commitment to ensuring the industry’s voice is heard on the biggest issues through its Research offering.
Other key findings are: 69% believe Covid-19 is at least as big a concern as the Global Financial Crisis of 2008. 62% are satisfied with the Bank of England’s response to the crisis thus far. 53% are satisfied with Boris’s handling of the pandemic. But the government’s handling has clearly polarised the community, with 35% dissatisfied in part due to the approach being out of kilter with that on the continent.
mallowstreet’s findings showcase how trustees are preparing to work during the crisis with 64% working from home for the duration of the outbreak. In-person events are off the table as 71% plan on shunning such events. Most intend to switch to digital means to stay informed and connected - 89% will rely on conference calls to fulfil their job duties, and 78% - on email.
Stuart Breyer, CEO of mallowstreet, said: “Despite everything we are facing, businesses still need to interact with their clients, maintain a presence in the market, and build new relationships. Pension fund trustees still need access to cutting edge content and help from experts in these volatile times. Our aim as a firm is to help our community provide better pensions for everyone. And as their hands are forced into isolation, we are working hard to bring the industry’s leading voices and solution providers to them from the comfort of their homes. As our events portfolio has now moved online, we believe that this medium for exchanging ideas will help pension funds through these volatile times.”