The coronavirus pandemic has unfolded across global investment markets, having an impact on the value of retirement savings. However, despite the macroeconomic impact, the Plan’s long-term investment strategies should be retained. For you, the effects of recent market moves will depend on both how you have chosen to invest and how far away you are from your target retirement date:
It is important that you regularly review your contributions and target retirement date to ensure they remain appropriate for your plans.
In summary; shocks happen from time to time, and our strategies are performing in line with expectations. This does not mean that you cannot make changes to your investment choices at any time. Should you wish to do so, we recommend you seek financial advice.
As always, we encourage you to review your pension savings and consider what if any actions you could take with regards to your contributions and target retirement date to better prepare for retirement.
You can review and update your contributions at any time on MyBenefitChoices. If you are on long-term absence, please contact the MyBenefitChoices helpline on 00800 4772 4772 (option 2) or email firstname.lastname@example.org
You can review and update your target retirement date and manage your investment choices on the Plan administration website (Orbit).
Scams – don’t be caught off guard
Criminals operating pension and other financial scams are becoming more and more sophisticated, so it is vital that you are vigilant and take steps to protect your money. Scams are on the rise at the moment and many victims are being contacted specifically regarding their bank accounts and login details.
Often scammers try and take advantage of vulnerable individuals and look to make people feel uncertain or confused so they can pressure them into making quick decisions or providing personal information. Many of us may be feeling more vulnerable and unsettled than usual at the moment, so we would like to encourage all our members to remain especially alert to attempted scams.
Please note that since January 2019, unsolicited calls, texts and emails about pensions have been banned. This means you should not be contacted by any company about your pension unless you’ve asked them to.
Learn more about the dangers of pension scams, how they work and how to avoid them here.
Important: please be aware that the police have issued an alert following reports of people posing as door to door Coronavirus testing officials and visiting the homes of elderly or vulnerable people. They are doing this to try and gain access to people’s home. Nobody, and specifically nobody working for the NHS or the police, is conducting door to door testing.
If anyone visits your home claiming to be conducting a Coronavirus test, do not let them in and call 999 to alert the police immediately.