How to manage drawdown pensions during market volatility

Quilter gives five tips on how to limit coronavirus-induced damage for retirees

The outbreak of covid-19 has impacted every single industry and sector worldwide, and pensions are no exception.

With global markets in a downward spiral, people approaching retirement may fear what this could mean for their pension pots.

But there are ways retirees can protect themselves and their income from market volatility.

Jon Greer, head of retirement policy at Quilter, said: “Investors have endured an incredibly punishing month as global markets have sold-off indiscriminately in an environment of economic uncertainty.

“This is especially troubling for people either in drawdown or approaching retirement due to the potentially damaging impact on retirement income plans.

“There are plenty of options for protecting the longevity of your pension pot and some people will exercise a combination of these in order to stabilise their retirement income plan.

“Nobody can predict for sure how long your pension pot will last but utilising financial advice can allow you assess your pension income plans and take action if necessary.”