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Three quarters of charities face extra financial strain from pension deficits - Hymans Robertson
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Three quarters of charities face extra financial strain from pension deficits
09 Jun 2020
Increased pension deficits are putting additional financial strain on many charities already financially struggling in the midst of COVID-19, claims Hymans Robertson in its latest annual report on DB pension funding in the charitable sector , which looked at the largest 40 charities in England & Wales. Three quarters of those surveyed had a deficit.
Commenting on the pressure on charity DB Schemes, Alistair Russell Smith, Head of Corporate DB, Hymans Robertson, says:
“The COVID-19 pandemic has placed many charities under significant financial strain with fundraising and retail income particularly badly hit and with a need to conserve cash. In many cases there is additional concern as DB pension deficits have also increased. On top of this, there is extra worry for pension schemes in the sector as forthcoming regulatory changes are putting pressure on charities to pay off pension deficits quicker.
“A delicate balancing act is needed between ensuring the sustainability of the charities and funding higher pension deficits. In the short term it may be wise for some charities to use recent regulatory easements to suspend pension contributions for three months to conserve cash. However, this isn’t a free lunch and longer-term sustainable funding plans are needed for their DB schemes.
“The Pension Regulator’s new funding regime will introduce ‘fast track’ and ‘bespoke’ options for DB funding. The fast track option ensures no regulatory intervention if minimum standards are met but could mean too big an increase in deficit contributions for some charities. For charities that are asset rich but cash poor, the bespoke route may be a better option. This enables investment returns rather than cash contributions to close the funding gap but needs to be underpinned by charging some of the charity’s assets to the pension scheme.”
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