Coronavirus update

17 Apr 2020

As the impact of the coronavirus is felt across the UK, we want to let members of the AA Pension Scheme (the Scheme) know that the Trustee’s top priority is to look after the pensions they have worked hard to save. 

We have been communicating with all our advisers to understand what plans they have in place to mitigate the potential impact on their staff levels. We are confident that the plans they have are robust, but we are also supportive of them protecting the health and wellbeing of their staff.

In addition, the Trustee would also like to reassure members about the security of the Scheme. It is set up under Trust to keep the Scheme's assets legally separate from the Company.  

The investment strategy is set by the Trustee Board and investments are monitored by the Trustee's Investment Committee, taking advice from leading professional advisers. The Investment Committee met on 17 March and will keep developments under regular review.

Clearly, investment markets have been turbulent in recent days and are expected to remain volatile (risky). The Scheme does, however, pursue a well-diversified approach to investment to ensure the Scheme's assets are not unduly concentrated in particular markets, countries, or managers. Risk management is a key part of the Scheme's investment strategy and it will continue to be the case.   

Please note that the Pensions Team in Fanum House are busy ensuring that the day to day operation of the Scheme is maintained during this difficult period, so we would be grateful if direct enquiries are only made where essential.

If the situation worsens, and normal service cannot be fully maintained, we will prioritise the payment of pensions. This may mean that it takes longer than normal to respond to other enquires. We would like to thank you in advance for your patience.

Before making any new enquires, we would encourage you to explore this website. You can find answers to many of the most frequently asked questions at www.aapensions.com/faqs  

We will post further updates here if the situation develops further. Stay safe and well.