The coronavirus (COVID-19) is having a widespread impact across all aspects of financial life, including retirement plans. If you are young and paying into a workplace pension, then there is time for your pension pot to achieve growth over the long term and recover from the fluctuations. If you’re older and closer to retirement, you may have seen your funds ‘lifestyled’. This means that your pension may have been moved into ‘safer’ places with less risk such as cash or bonds. As a consequence of COVID-19 many will have concerns about the impact upon pension savings. There are still some options you could consider such as: annuities, drawdown, increasing pension contributions.
