18 Mar 2020

Coronavirus (Covid-19)

As the coronavirus (Covid-19) continues to spread, the Trustee Board and its advisers will stop meeting physically and hold quarterly meetings by video/audio. The Trustee Board has an emergency committee that can convene quickly to address any Covid-19 incident.

SPS assets are well hedged - the hedge is designed to help protect from some of the swings in market pricing. Redington, the Scheme's investment advisers, and AON, the Scheme's actuaries, provide a regular update to the Board on the Scheme performance.

Capita, who look after the administration of SPS, have contingency planning teams working at various levels in their organisation co-ordinated by a corporate team. Their plans include staff working from home and the use of alternative Capita offices if an office has to be closed e.g. for “deep” cleaning as a result of a Covid-19 incident. Capita have tested running the pensioner payroll systems remotely and have confirmed that this works. At present Capita have experienced no Covid-19 incidents and are working normally.

Capita contacts are the same - please see the Contact Us page for details.

We will keep you updated on any changes.