The auto-enrolment solution for Northern Ireland

Coronavirus and your pension

Posted in General News and Newsletters

We continue to monitor the effects of Coronavirus on the markets and the economy as a whole.  Coronavirus has affected investment markets around the world and you may be worried about what will have happened to your pension savings.   It is important not to panic, history shows that in time markets recover, indeed some investment markets have undergone significant recoveries from their lows earlier in the year. You should be reassured that your savings are in a strong position for the long term.
If you are close to retirement and invested in the default arrangement, your funds will have been ‘life styled’.  The Lifestyle strategy is designed to help protect you from the possibility of falls in value close to retirement and means your pension will have been moved on phased basis between aged 50 and 65 into less volatile assets such as Cash, Gilts and Bonds.
To see the value of your pension, log into Benpal, our secure online member portal which gives you access to your pension savings account.  If you have not already done so, we would strongly encourage you to activate your Benpal account so that you can keep up to date with your pension.  If your activation code has expired, please contact us by email or telephone and we can provide an updated code.