The Covid-19 pandemic is having substantial effects on economies around the world and global investment markets are also impacted by the surrounding uncertainty.

We, the Trustees, would like to reassure you that we?re monitoring the situation and how it impacts your pension and will take appropriate action we deem necessary.

As DC savers we should generally be focusing on the long-term. That is, we should not solely focus or make decisions based on short-term market movements. Building up pension savings typically takes place over many years, during which time there will be numerous ups and downs on the financial markets. By investing for long periods of time, the aim is that we can ?ride out? periods of volatility and benefit from the kind of overall investment growth that can help our pension savings to increase in value.

Our investment advisers recommend staying calm and staying invested, remembering that, for most members, pension investing is for the long-term. It is also important to note that your future monthly contributions may be invested at more attractive prices. While this might seem counter-intuitive, over the long term this is expected to result in a better outcome, for example, a higher fund value or income for you at retirement.

The effect of recent market moves on your pension savings will depend on how you have chosen to invest and how far away you are from your selected retirement date.

Self-select investors

If you have chosen to manage your own investments through the self-select fund range, then the effect of recent market events will vary depending on your investment choices.

Lifestyle investors

If you are invested in one of the three lifestyle options, the impact of recent market events will depend largely on how close you are to your selected retirement date:

• For younger members, your savings will be invested mainly in equities, because these are expected to give the best investment return in the long term. While these can be subject to large fluctuations in value in the short term, it is important to remember your pension is invested for the long term. You will have seen a fall in your fund value in recent weeks, reflecting falls in equity markets around the world. However, fluctuations of this size are to be expected and the strategy is designed to ride them out.
• For members who are closer to retirement, your savings have been gradually moving to more defensive assets over recent years to invest in a mix of assets including equities. These defensive assets, including government and corporate bonds, will have provided some protection to your savings from recent equity market falls.

Whatever happens, don?t make a rushed decision. If you are unsure of the suitability of an investment, you should seek further information and/or advice. You can do this by contacting a financial adviser. You can find information about financial advisers by going to www.fca.org.uk and searching for ?finding an adviser?. Please remember that a financial adviser will charge you for providing advice, but they will discuss the cost of this with you before you use their services. Further, we recommend that you check your investment choices periodically to ensure they continue to be right for you.

Please also be extra vigilant in respect of potential pensions scams. Scammers may see the coronavirus outbreak as an opportunity to take advantage of people?s uncertainty and potential vulnerability during this time. For more information please visit https://www.fca.org.uk/news/news-stories/avoid-coronavirus-scams