Coronavirus and Pensions
Since the coronavirus outbreak, stock markets have fallen considerably and are likely to remain volatile for a while. You may therefore be wondering if you should bring forward a decision to do something with your pension.
Making decisions about your pension based on short-term events and circumstances can have long-term consequences for your financial wellbeing and retirement. Before making any major decisions about your pension, it is important to get independent guidance or advice.
Please click here to visit our webpage for further information/guidance. The updated page also gives our answers to a number of Frequently Asked Questions:
- How is the current situation affecting my pension provider/scheme administrator?
- I have a Post Office Card Account (POCA) and I’m worried about going to the Post Office to collect my State Pension payments. Can someone collect my money on my behalf?
- My pension is invested in a with profits fund, how will changes in the stock market affect me?
- I’m over the age of 55 and thinking of accessing the tax-free cash from my pension to pay off debts – what should I think about before I make a decision?
- Should I pause payments into my pension scheme as I need the money to pay for essential living costs?
- What happens to my pension contributions if I’ve been furloughed?
- What happens to my pension if my business/employer goes bust?