The word “unprecedented” has been used several times in recent weeks to describe the crisis we face today in the UK and around the world as a result of coronavirus. This crisis has been acutely felt by many companies, across the economy.

The men and women responsible for running company pension schemes are no exception. The UK’s largest 350 companies moved from a collective pension surplus of £10bn at the end of March to a deficit of £52bn by the end of April. And in many cases, they are facing this challenge just as revenues collapse at the parent company, threatening its regular pension payments.