COVID-19 continues to expand its global impact on individuals, businesses, communities and governments. Businesses are navigating through numerous interrelated issues affecting operations, employee welfare, cash and liquidity. The dynamic nature of this pandemic makes it hard to assess what will happen next.

This communique is to assist the pension schemes to manage financial and liquidity risks. The Retirement Benefits Authority has given a waiver of penalties on late submission of audited accounts as well as human capital risks to give ample time for scheme staff to prepare and approve audited accounts when navigating through the change in working environment.