How might coronavirus affect my pension?

You may have seen news reports about how the coronavirus outbreak has caused uncertainty in world stock markets, including those in the UK.

While short-term fluctuations in your savings can look worrying, it’s important to look at the bigger picture.

Read more on The Pensions Advisory Service website: Coronavirus – how will this affect my pension or investments?

Pension saving is about the long term

For younger savers who need investment growth, there’s plenty of time for the markets to right themselves.

And for members in our glidepath who are more likely to be accessing their money in the near future, we take steps to protect their pension savings from unnecessary risks as they get closer to retirement. Please note that a glidepath doesn’t guarantee the value of your pension pot – the value of investments can go down as well as up.

Find out more about investment changes approaching retirement.

Planning to access your pension savings soon?

If you’re planning to access your pension savings in the near future, you may wish to take extra care.

Choosing what to do with your pension savings is an important decision, so you may want to seek advice or guidance before you decide.

Pension Wise is a service that can help. You can visit their website for more information. We recommend that you get guidance from Pension Wise about your options.

You may also wish to speak to an independent financial adviser before you choose what to do. If you don’t have a financial adviser, you can find one in your area by visiting the Unbiased website. A financial adviser may charge for any help or advice they give.

Find out more about your guidance and advice options.

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