Looking after your pension – Coronavirus Update

02 June 2020

As always, looking after your pension in the Scheme is extremely important to the Trustee. We want to reassure you that our priorities continue to be making pension payments, monitoring the Scheme’s investments and keeping a close eye on the Company’s ability to support the Scheme.

But there are a few simple steps that you can take to help you look after your pension and make sure you take the right decisions at the right time for you.

We hope this information is helpful and that you and your families remain safe and well.

Keep up to date on how the Trustee and its administrators are managing the impact of COVID-19

The Trustee has provided an update on how it is managing the Scheme, along with a Q&A factsheet with the latest information and letting you know if there have been any changes to the service you can expect from the Scheme’s Administrators. You can find it here.

Make sure we have your most up to date contact details and think about going paperless

It’s down to you to keep your contact details up to date and it’s never been easier. All you need to do is login to your pension account on the M&S Pension Scheme Portal and follow these simple steps.

During times like these, going paperless means we can get in touch quickly and easily by email. Just fill out this form to make the switch.
Avoid making hasty decisions about taking your pension

In periods of financial uncertainty, it’s important to be careful about the decisions you make about taking your pension.

When looking at your options, we strongly encourage you to take independent financial advice. As stock markets have been unsteady recently, it’s even more important to seek advice if you’re thinking about transferring your pension. Organisations like Unbiased and Money Advice Service are there to help.

Don’t forget, you can find out how much your pension might be for a range of retirement dates and get an estimated transfer value by accessing your pension account on the M&S Pension Scheme Portal.

Be wary of pension scams

There have been reports of an increase of pension scams as criminals take advantage of these challenging times. Make sure you stay alert if anyone approaches you directly to offer advice about transferring your pension.  Learn how to protect yourself against being a victim by visiting our dedicated page.

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