Managing your pension through uncertainty

Stock markets across the world are in a period of change and increased volatility.

Whilst it can be unnerving, it’s important to remember pensions are a long term investment and although past performance is not a guide to future performance, markets can and do recover. Over the years markets have faced considerable challenges but in the longer term we have typically seen the trajectory of global stock markets rebound following these periods of extreme volatility.

If you are looking for additional information on this topic please read our guide Your pension and the stock market.

If you are nearing retirement and invested in your plan’s default investment arrangement then your pension savings may not have been fully exposed to stock markets and other volatile assets. Many people may have seen the value of their pension fluctuate, but it’s important not to panic. Volatility is a normal part of long-term investing and whilst it’s never nice to see your pension fall in value the most important point to remember is that this could well be a temporary setback. Although past performance is not a guide to future performance, markets can and do recover. There have been some real challenges in the past, but from a long-term perspective many are little more than blips in the markets’ progress.

It is a good idea to review your pension savings on a regular basis; they are your pension savings and you should make sure that they are right for you and your goals. It is important to remember that each situation is different and if you are unsure about any of the options available to you, you should speak to an authorised financial adviser.

If you would like to find out more about the investment options available to you, log on to PlanViewer to view your plan information.

For those of you who are looking to retire in the near future we would encourage you to review your retirement plan.

As long as you meet the criteria for accessing benefits you will still be able to access your pension benefits. Our Pension Service Centre is open as normal to help you through this process.

For more information, read our article on 'Tackling coronavirus at retirement'.

The impact of stopping or reducing your payments into your pension will depend on the rules of your pension plan. It’s important to understand that reducing your payment will likely also reduce the amount your employer pays under a 'matching' arrangement.

You can view the details of your contributions in the 'Contributions Explained'  document, available in PlanViewer.

If you are looking for additional information on this topic, The Money and Pension Advice Service has a good suite of information on your entitlements and what it means for your money.

If you do stop or reduce your payments, it’s important to keep your circumstances under review and consider when you might be able to restart.

Fidelity are investment specialists and experienced pension providers however we can only give information about products and services, and we do not provide investment advice based on individual circumstances. If you would like advice, please contact a financial adviser who will be able to assist you with your investment decisions. Further information is available from the Money Advice Service.

Looking after our members, colleagues and their families is our priority. To ensure we can give help to you in the most effective way, we have established wider online resources and are regularly updating our questions and answers and expert news and insights. In addition, you can:

• Continue to manage your account online. See the value of your pension, review investment performance and check your investment options in PlanViewer. Please note if you haven’t logged on before you will need your account reference number in order to register. This can be found on your annual benefit statement and all correspondence sent by us.
• Explore more of our website. We have lots of useful information including interactive tools as well as factsheets and expert insight including views on recent events and what it could mean for your investments.

If you still need to contact us directly, our Pensions Service Centre is open and can be reached by email or telephone. We are experiencing higher than usual volumes of calls and emails and we would be grateful if you could use our website and PlanViewer in the first instance and only call or email if absolutely necessary. We're very sorry if you experience a longer than usual wait time, we hope you understand it is a very busy period for our teams. Our client services team will be doing their best to respond as soon as possible.

Contact us by email: pensions.service@fil.com Please be aware that we're unable to discuss account information by email. We aim to respond to emails within 2 working days.

Or by telephone in the UK: 0800 3 68 68 68; International calls: (+44) 1737 838 585.

Our hours are Monday to Friday, 8am to 6pm (UK time).

Though times are uncertain, we can provide assurance that Fidelity International has a comprehensive Business Continuity Programme (BCP) and we have invoked this process globally across all business functions. We are continually monitoring the situation and are following all World Health Organisation and local government guidance in our various locations, so we can react to the swiftly-evolving situation.

Our operational and client servicing activities in all regions, and across all business areas, continue to function as normal and we have taken precautions to make sure that we are able to provide a service for our members with limited disruption while keeping our employees safe.

If you are looking for further information about this topic, you can read about our approach in a letter from our CEO, Anne Richards.

As we have detailed above, past performance is not a guide to future performance but markets can and do recover. Explore our website where you’ll find a great range of guidance, expert insights and interactive tools that cover a broad range of topics relating to financial wellness.

Another source of useful information is the Money and Pension Advice Service website which has a good suite of information on your entitlements, what it means for your money and access to other support.

Please note that this is not a personal recommendation and if you need additional help or advice, please speak to an authorised financial advisor.

A number of investment management companies suspended their property funds on 19 and 20 March 2020 because of the market uncertainty surrounding the COVID-19 outbreak. This means it is not currently possible to move money into or out of these funds. The management companies took this action because they have been unable to obtain accurate valuations of the properties they hold and, as a result, cannot value the funds accurately.

Read our property fund Q&As>