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The message is to stay calm and not rush to make financial decisions during this time of financial uncertainty. The industry has fears that the impact of the pandemic on global markets and people’s personal finances may make members more vulnerable to scams or making a decision that could damage their long-term interests.

The Pensions Regulator has also instructed pension schemes to issue the following letter to any member requesting a transfer quotation www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/cetv-members-letter. If you request a transfer quote from Mercer, you will be issued a copy of this letter.

Here are the main points for Scheme members to be aware of:

• Since the coronavirus outbreak began, stock markets have fallen and are likely to go up and down for some time, while your Scheme pension remains a safe, long-term investment for your retirement
• The Regulator has stressed that transferring out of a defined benefit (DB) pension scheme (such as the Cadent Gas Pension Scheme) into a different type of pension arrangement is unlikely to be in a member’s best long-term interests
• Transferring out of the Scheme is a serious and irrevocable decision
• Before making any decisions about your Cadent Gas pension, you should always seek independent financial advice.