Multiemployer plan sponsor B&CE, West Sussex, England, has put 140 staff on temporary leave in response to the financial impact of the COVID-19 pandemic.
The firm, which sponsors the £9.7 billion ($11.3 billion) defined contribution master trust, The People's Pension, is only operating core processes from its offices following advice from the U.K. government, a spokesman said.
The remaining 400 B&CE employees who were not put on leave will continue to service customers. The administration of assets, which is run internally, will continue with essential workers only in the B&CE offices.
Employees on leave will be paid up to 80% of their full salaries through the "Coronavirus Job Retention Scheme," a subsidy program implemented by the U.K. government on March 1 to tackle the impact of the virus on businesses. The program will last for at least three months.