Coronavirus

Looking after your pension in the Scheme is extremely important to the Trustee. In these uncertain times, we want to reassure you that we continue to manage the scheme in the best interest of its members.

Graham Oakley, who is the Chairman of the Trustee Board says: “Our priorities remain making sure that pensions are paid on time, monitoring the performance of the Scheme’s investments and keeping a close eye on the Company’s ability to support the Scheme into the future.

It’s important to remember that the assets of the Scheme are held completely separately from M&S plc and the Scheme is well-funded.

The Trustee has a number of professional experts experienced in working together during unexpected circumstances and providing the advice we need to keep things moving. We also have a Trustee Executive Team that closely oversees the day-to-day management of the Scheme, responds quickly to developments and keeps the Trustee regularly up to date.

We’ve put together a Q&A, which provides more detailed information and will be updated if anything changes.

The Pension Administration Team helpline is well-equipped to answer any queries about your pension in the coming weeks and months. However, we ask members to consider whether your query is urgent and if it could be answered by email, through the website or within your pension account on The M&S Pension Scheme Portal.

These are challenging times, but I hope this gives you some peace of mind.’’

Q&A - Managing the impact of Coronavirus (Updated 04.01.2021)

There are also 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.

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 change the date you want your pension to start on to see different levels of pension income 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 in pension scams as criminals take advantage of these challenging times. Be aware of anyone approaching 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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