My fund has lost most of it’s value? Can you give me some advice on what to do?

You have been one of the proactive people that want a more comfortable retirement than the state pension. You are right to be disappointed with the performance of your pension. I might rephrase that and say “the lack of performance.”

The current economic climate has had a huge impact on pensions. Not only are less people starting pensions or reducing their current contribution but more dramatic is that funds have a loss somewhere around 30-40%. I have been constantly asked for advice on what to do with pensions that have lost value.

If you are not intending to retire for another 10 or more years then maybe sticking to your long-term plan is the best way forward. The reason I say this is that history tell us that every great crash or recession is followed by a rise in the markets again. If this is true then all you are suffering now is paper loss. When you come to retirement your fund should have enough time to recover fully and even show more growth.

If you intend to retire in less than 10 years then I would advise you to take action. Be proactive and sit down with your pension provider. Find out where your money is invested, what charges are been made on your pension and most importantly what plan has your provider in place to maximise your retirement pot.

If your pension provider is not independent then I suggest getting someone independent to advice you on your options.

Where to get further advice?

A good website to visit for information is the government pension website
There is a very good calculator here where you enter your monthly pension contributions and it calculates your retirement salary.

Remember, no one can predict the future – this is not the first market crash we have survived and probably won’t be the last!

Allan Matthew Cuthbert t/a Financial Wellbeing is regulated by the Central Bank of Ireland to advice on Mortgage,Savings, Life and Pension products