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...
17 Jun 2026
Read how engineering firms can balance short-term pressures with long-term growth using R&D, strategic investment, and the right advisory support.
Learn more
Innovating when the pressure’s on: Lessons from Silverstone Composites
16 Jun 2026
Business mileage rates have changed - and are to be backdated from 6 April 2026. This is the first mileage rate increase in over 15 years. Read more to learn what's changed.
Learn more
Mileage Rate Change 2026/27
08 Jun 2026
Kieran Oldershaw, Property Service Associate Director, talks about how he's developed in his career over the years and what advice he'd give to those who are just starting out.
Watch now
Beyond the Books Episode 6
08 Jun 2026
Discover how TC Group helped Sentinel ICCS Ltd overcome complex accounting systems, streamline audit processes, and improve financial reporting and compliance.
Learn more
Case Study: Sentinel ICCS Ltd
27 May 2026
Domicile. Residency. Double taxation. The tax impacts that you need to know about working or living abroad.
Learn more
UK tax implications of working abroad
27 May 2026
Cut through the AI hype and demo overload with our five practical tips to help SMEs adopt AI in a controlled, business-focused way.
Learn more
Top 5 tips for SMEs starting their AI journey