Pension: how will the current financial climate affect your pension?

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When asked whether he would caution anyone currently taking money out of their pension to cover the cost of coronavirus, Mr Wood added: “Yes, although unfortunately some clients will have


little choice. “These are unprecedented times, hence I always use sustainability modelling to check what impact withdrawing funds now would have. “This will give an indication of whether


taking funds now is likely to cause an issue later on in life, and if so, what we could do about it. “This might include things like deferring retirement, or, if possible, increasing


contributions into a pension when things return to normal.”