Executive Pension hit by coronavius what should I do?

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HMCE

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> Pension with Irish Life Fund "CL/Setanta Pension Equity Fund (Advance)"
> Current value on 20/02/2020 was 146K appx
> Current Value on 10/03/2020 112K
>Dropped by 34K,
>Pension is 20 years old and is paid up
>Retirement is 2028, 0nly 7 years 10 months
>The fund is high risk
> Not sure what the charges are?
> Net contributions up to paid up date in 2008 were 58K

I am worried about the drop and I have no knowledge of pensions or equity markets, what should I do??
I am afraid to look at how much it is worth after yesterday's worst day on the stock market

I am really worried I could loose everything :eek:
 
Hi Azerogo, some of my friends say as you say,but what if the pension fund goes to €0.... it that likely? I am in a panic as I am 52 and worried/terrified that the small pension I have even will be wiped out... I wish I never got an online account to monitor performance....
 
sorry i missed the paid up part, but the advice still holds. The chance of it going to zero is zero, the fundamentals still hold true and considering the shock to the market the drop you suffered isn't too bad. Ignore the value for awhile and once the markets get a better understanding of the virus and the panic stops it will rebound.
 
Thank you Azerogo, it's just that in these times I am sure lots of people are worried and panic reactions could prove to be the wrong thing to do, as then you will have realised the loss.... I guess I have bought the UNITS and they will hold static in number, and after that it's just a matter of time and it hopefully will return to its pre-coronavirus value.
 
The head of Savings/Retirement at one institution said the other day:

"Your pension is like your face just now. Don’t touch it. "

You should find out what the charges are though. Because, if you're paying an AMC of 1.5% and you can transfer your fund (without penalty) to another pension product, with a similar profile fund, at half that cost with no entry/exit charges, it would be worth your while over the next 7 yrs & 10 months.
 
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Thank you GSheehy, good advice regarding the fees,
> would it be best to leave everything until all settles and then look at the charges on the fund and the restructuring of the investments based on the outcome?
>What charges are to be reasonably expected per anm?
 
@HMCE

Great time to review pensions etc. as folk have that bit more time at the moment.

Pension providers/employees working away, some remotely, so service should be okay.

Reasonable expectation on charges? It depends. Find out what your paying first and do some research on here regarding what's available.


Gerard

www.prsa.ie
 
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