How will coronavirus (COVID-19) affect your pension savings?

Global financial markets are currently volatile because of fears about the spread of coronavirus.

It’s likely the value of your pension savings will continue to go up and down a lot over the coming weeks.

A pension is a long-term investment

It’s important to remember that your pension is a long-term investment and that it’s normal to see the value of your savings go up and down in the short term.

If you are a younger saver and you are concerned about the effect on your pension in the short term, please remember that there is plenty of time for a market correction and for your savings to grow.

If you are approaching retirement and you are concerned about your pension savings falling in value, please note that our model investment strategy is designed to protect your money as you approach your selected retirement age.  When you get closer to your retirement age, we will start to move your money into lower-risk funds so that your pension savings become less likely to fall in value. Although we can’t guarantee that the value of your pension savings won’t go down in value when they are invested in these lower risk funds, they are less likely to.  

What are my pension savings worth now?

If you would like to see the current value of your pension savings, sign in to your Smart Pension account at

Should I change my investment strategy?

No one knows what the full impact of the coronavirus outbreak will be. While it can be tempting to make decisions about your pension based on short-term market conditions, it may not be in your best interest to do so.

If you’re thinking about changing your investment strategy or taking money out of your pension, we recommend that you speak to a financial adviser first.

You can find out more about our investment strategies in our investment guide. You can find this by signing in to your Smart Pension account at, clicking Funds and selecting Investment help.

Beware of pension scams

In these times of uncertainty, you need to be extra careful not to be lured by pension scammers. They may offer you the opportunity of safe havens or promise better returns. We recommend you exercise extreme caution if you are asked to transfer your pension savings.

To find out more information, visit ScamSmart which has specific guidance related to coronavirus.

Where you can find further help