What it means for your workplace pension
In these difficult times, we believe it’s important to stay calm and not rush important financial decisions.
The spread of COVID-19 has contributed to a significant fall in share prices and other investments which has meant, for many people, a reduction in the value of their pension pot.
Volatility can be expected for some time to come and this can be worrying, especially for less experienced investors. However, investments such as pensions are considered long term and history suggests that, after markets go down, they will go back up again at some point.
You can be sure that our fund managers will continue to work with their team of economists, strategists and analysts and continue to manage our funds in line with their stated aims and objectives. However, everyone’s circumstances are different, and if you’re unsure how to proceed in these difficult times, you might like to get professional financial advice. If you haven’t got a financial adviser, you can find a list of advisers at unbiased.co.uk.
Help to stay safe from scams
The current situation has led to an increased risk of scams and fraud. Scams are often smart, sophisticated and hard to spot so we've put together some information to help you protect yourself. See how you can protect yourself from fraud. For additional information, please see our Q&A 'How can I stay safe from scams?'
COVID-19 is having a far-reaching effect on individuals, communities and businesses.
It’s understandable to be concerned about your investments but we would recommend that pension savers remain calm, make informed decisions according to their personal circumstances and, if they are unsure how to proceed, consider getting professional financial advice. If you haven’t got a financial adviser, you can find a list of advisers at unbiased.co.uk.
We've also produced a quick guide to protecting your mental and financial wellbeing in uncertain times and some suggestions on adapting to your new ‘normal’ and what to do if you’re not.
Thank you for saving with Legal & General.
If you’re struggling to cope with life in lockdown, we’ve looked at some of the support that’s available.
- How can I stay safe from scams? »
- How will current market conditions impact my pension savings? »
- What protection is in place for my pension savings? »
- Should I switch my investments to avoid further loss? »
- How long before the stock market recovers? »
- Is investing in cash the safest option at the moment? »
- I am retiring next year what should I do? »
- Will the amount of pension I receive now be lower because the stock market is falling? »
- Would it be safer to take my money from my pension now? »
- Taking money from your pension during market uncertainty »
- How do current circumstances affect pension transfers? Should I cancel the instruction? »
- If I cannot afford to make pension contributions now how can I stop these being taken from my salary? »
- If I stop my pension contributions, can I re-start them again at any time? »
- Will my employer stop making contributions to my pension if I opt out now? »
- How do I update my nomination of beneficiary details? »
- I’m over 55 and being put on unpaid leave from work – can I access my pension to supplement my income? If so, what impact will this have? »
- I’ve been ‘furloughed’ by my employer. Will this affect my pension? »