News and updates

Update on Coronavirus (COVID-19)
18 March 2020

Update on Coronavirus (COVID-19)

At the LSF, we are continuing to monitor the COVID-19 developments very closely. We have a robust business continuity program in place and we are equipped to maintain a service to our members without disruption should it be necessary for staff to work from home. We will provide updates to the situation when required.

The Trustee of the Lloyd’s Superannuation Fund is pleased to report that the Fund has proved resilient throughout the recent challenging market environment, following the outbreak of coronavirus (or COVID-19).

From mid-February to 10 March 2020, the funding level has fallen by around 1% in total, and remains in a strong position at around 86%.

The outbreak of COVID-19 was first identified in Wuhan, China on 31 December 2019, and initially confined largely to China. It has now spread to over 50 countries, placing governments, health authorities and markets across the globe on high alert. Coronavirus fears have been compounded in early March by a pledge from Saudi Arabia to increase the global oil supply, which has led to further market uncertainty.

The COVID-19 outbreak has created a difficult start to 2020 for pension schemes’ funding positions. Over the period from mid-February to early March 2020, we’ve seen sharply falling equity markets and volatile bond markets, pushing up the value of the Fund’s liabilities.

The Fund has proved resilient due in part to the Trustee choosing to hold a well-diversified growth asset mix with good downside protection. Also, most of the Fund’s assets are invested in liability-matching investments such as bonds, which have performed strongly as a safe haven in challenging times. The Trustee is continuing to monitor the Fund’s position closely to ensure the security of our members’ benefits.

Your session will expire in xx.xx
Continue or Log Out