The unprecedented economic disruption caused by the coronavirus outbreak has increased retirement insecurity for millions of pension savers and investors across the country.
Market volatility has hit fund values for workers still building their retirement nest eggs, as well as those who have already retired and are drawing down cash from their pensions.
But those who were hoping to transfer a final salary-style pension before the crisis hit have been left in limbo as regulators give pension schemes the option to suspend all transfer activity for three months.
Thousands of members of defined benefit plans who were hoping to trade their retirement benefits for a cash lump sum today, are finding their plans stymied as schemes, worried about the impact of Covid-19 on funding, block transfer activity.
However, some financial advisers report that the desire to transfer a pension has increased with clients worrying about the long-term sustainability of final salary schemes and how their benefits could be cut if the scheme fails and has to be rescued by the “pensions lifeboat” (the Pension Protection Fund).
Those with defined contribution pensions are also having to re-evaluate their retirement as employers hit by the coronavirus outbreak seek to pause or cut contributions they make to employee pension plans.
Josephine Cumbo, the FT’s pensions correspondent will be online to take questions from readers about how your pension plans have been affected and what you are doing about it.
Post your questions in the comment section below this story.
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