# The impact of a recession on your pension Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-08-14 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: How Will the Pandemic and Recession Affect Your Pensions? Meta Description: Discover how the stock market's fluctuations could impact your pension savings. Learn about asset protection and planning for your financial future with URL: https://financedigest.com/the-impact-of-a-recession-on-your-pensionhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/untitled-design-94-1736838866657-compressed.jpg) _By **James Turner,** Director at Turner Litte._ The stock market is beginning to show signs of life as measures introduced to help businesses amid the pandemic begin to take hold, but much is still uncertain. There’s no doubt that the pandemic has affected most people’s finances. From the [Bank of England’s decision to reduce its rates](https://www.financedigest.com/banks-lift-european-bourses-as-rate-hike-recession-fears-grow.html "Banks lift European bourses as rate hike, recession fears grow"), to the potential loss of earnings for people forced to remain at home, there is much to contend with. “Naturally, at times of [economic uncertainty](https://www.financedigest.com/combatting-economic-uncertainty-in-2023-with-the-payments-sector.html "Combatting economic uncertainty in 2023 with the payments sector") such as these, people fear their retirement pots will be wiped out. For most people, their [pension is one of the most valuable assets](https://www.financedigest.com/british-pensions-step-up-multi-billion-pound-asset-fire-sale-as-need-for-cash-soars.html "British pensions step up multi-billion-pound asset fire sale as need for cash soars") they hold,” says James Turner, Director at Company Formation Specialists, Turner Little. So how could the continued [pandemic and impending recession affect](https://www.financedigest.com/outbreak-of-the-covid-19-pandemic-is-expected-to-severely-affect-the-global-packaging-and-labelling-services-market.html "Outbreak of The COVID-19 Pandemic is Expected To Severely Affect The Global Packaging And Labelling Services Market ") your pensions? “If you have a defined contribution pension, your savings have probably been hit hard as a consequence, because pension schemes invest in the [stock market](https://www.financedigest.com/bitcoin-falls-to-22-month-low-as-stock-markets-tumble.html "Bitcoin falls to 22-month low as stock markets tumble"), so big rises and falls can have an impact,” says James. “It is [important to remember that pension savings](https://www.financedigest.com/how-to-save-money-on-important-documents.html "How to Save Money on Important Documents"), as with any investment, is usually long-term. If you’re young, there’s still [time for markets](https://www.financedigest.com/automotive-timing-chain-and-belt-market-to-be-valued-at-us-10-20-bn-by-2027-comprehensive-research-report-by-fmi.html "Automotive Timing Chain and Belt Market to be valued at US$ 10.20 Bn by 2027 – Comprehensive Research Report by FMI") to recover before you take your pension, but if you’re close to retirement, there is the potential that your pot could have taken a bigger hit,” he adds. ![James Turner](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/james-turner-headshot-450x297-1736838866424-compressed.png) James Turner Pensions are typically [invested in stocks and shares](https://www.financedigest.com/railway-bearing-market-size-2021-key-manufacturers-industry-share-investment-opportunities-future-trends-market-impact-revenue-demand-and-analysis-by-forecast-2030.html "Railway Bearing Market Size 2021 Key Manufacturers, Industry Share, Investment Opportunities, Future Trends, Market Impact, Revenue, Demand and Analysis by Forecast 2030"), bonds, property and cash. If you’re concerned about its value, most schemes now have [online platforms](https://www.financedigest.com/jetlearn-the-worlds-first-web-3-0-online-academy-for-k-12-raises-e1-2m-in-seed-round-to-launch-its-platform-in-the-uk.html "JetLearn, the world’s first Web 3.0 online academy for K-12, raises €1.2m in seed round to launch its platform in the UK") where you can see how your investments are performing. “It’s important to treat your pension as an asset, and [asset protection](https://www.financedigest.com/top-tips-for-protecting-your-assets-in-2020.html "asset protection") is all about planning. Effective planning ensures that no matter what happens, you will remain in control of your assets,” [says](https://www.financedigest.com/pkn-orlen-says-talks-on-sale-of-lotos-assets-not-finalised-yet.html "PKN Orlen says talks on sale of Lotos assets not finalised yet") James. If you’re interested in finding our more about asset protection and would like to discuss your specific requirements, [get in touch with us today](http://www.turnerlittle.com/). Our specialist team of experts will deal with matters pragmatically and sensitively, taking the [time to meet](https://www.financedigest.com/beijing-meets-state-air-quality-standards-for-first-time-in-2021.html "Beijing meets state air quality standards for first time in 2021") with you and discuss your individual objectives in detail, in order to provide solutions that are uniquely tailored to your needs. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---