Help is at hand for your family business if you have a final salary pension scheme as Western Pension Solutions (‘WPS’) launch a free helpline for family firms to respond to issues associated with the prevailing COVID19 pandemic.
As Ben Fowler, Managing Director of WPS explains, “This is an unprecedented and difficult time for family businesses. We understand that many owners and managers will have spent the last few days ensuring the safety of employees, as well as forecasting and scenario planning for the next few months.”
“For some businesses with legacy defined benefit pension schemes thoughts will now be turning to how these important long-term liabilities can be supported in a time of short-term challenge. It is universally acknowledged that having a strong and healthy sponsor is the best way of protecting pension benefits, however, the current situation may create issues for even the most secure business. Finding the right balance of cash payments in the next few weeks and months could be critical for all the stakeholders,” adds Ben.
“We have a lot of experience in this area and recognise that this a complex balance at the best of times. We are therefore setting up a free helpline that any owner or manager can call to talk through their situation and help explore their options.”
Please call 0207 726 2718 for a free consultation.
