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Coronavirus and Pensions
“Making decisions about your pension based on short-term events and circumstances can have long-term consequences for your financial wellbeing and retirement."
That is one of the key messages on the Pensions Advisory Service website’s dedicated coronavirus page. Taken in conjunction with the comment that ‘pensions are long term investments’ it should act as a reminder that financial decisions taken in haste may not prove to deliver the optimum result.
Equally importantly, decisions made should be based on individual circumstances. For example, those starting out in their careers may have very different concerns than those who are approaching retirement. That is why it is so important to make a considered judgement based not simply on current financial circumstances but also on future expected requirements.
The Pension Advisory Service website carries generalised answers to a range of frequently asked questions including whether individuals should pause pension contributions in the current climate or the potential impact of drawing down a pension in order to pay debts. Being general, the answers mainly give suggestions for areas to be considered or potential impacts.
If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.