If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months.
That’s because pension funds invest in the stock market and recent turbulence, which has caused big rises and falls, has had a significant impact on how much is in your pot.
The average pension lost around 15% when the coronavirus first hit the stock market back in March 2020, before recovering 13% of the lost ground by the end of August 2020.
Obviously, savers who are in their 30s or 40s have time on their side to potentially ride out market volatility and get their pension
savings back on track.
The same can’t be said for people nearing retirement. According to a report from the People’s Pension, 74% of people either approaching retirement or aiming to retire in the near future are
on course to run out of money in their early to mid-80s.
In addition, only one in ten respondents are making detailed money plans for the future, suggesting that the vast majority have their heads in the sand.
Whatever stage of your life you are at, planning for your retirement has arguably never been more important than it is now after last year’s events.
Download our full how to plan your retirement business guide here.
You might be interested in...
19 Aug 2026
Agriculture and horticulture businesses are under pressure to invest in water efficiency and sustainability. Cambridgeshire growers and food producers can now apply for grants up to £50,000. Here’s what you need to know.
Learn more
Government grants to help Cambridgeshire farmers boost drought resilience
18 Aug 2026
The 2026 changes to UK GAAP and FRS 102 may seem technical, but they could have a real impact on how your business is viewed by banks, investors and other stakeholders.
Learn more
UK GAAP is changing: Why business owners should act before the numbers change
14 Aug 2026
Does your UK subsidiary need a statutory audit? Learn how group size, audit exemptions and worldwide group rules affect UK audit requirements.
Learn more
Does your UK subsidiary require a statutory audit?
13 Aug 2026
Audit exemption may reduce compliance obligations, but is stopping your audit the right decision? Explore the value independent assurance can bring.
Learn more
Should audit-exempt companies still have an audit?
13 Aug 2026
Understand the financial challenges facing independent schools, from KPIs and VAT changes to governance and long-term sustainability. Read more.
Learn more
Understanding Independent School Financial Health: A Guide for Governors
13 Aug 2026
Strong schools rely on strong governance. Discover how governors and senior leaders can work together to provide challenge, oversight and direction.
Learn more
How Independent School Governors Can Build Effective Partnerships with Senior Management