Savers with less than a decade to go until retirement have a reasonable timeframe ahead for their pension to recover from the market instability caused by the Covid-19 coronavirus, according to Unbiased.
The adviser directory website confirmed that could be the case if savers took immediate action to increase contributions, while employers could then do the same to match rates. It said: "[Savers] should consider increasing pension contributions with each one boosted by at least 25% thanks to the tax relief. A defined contribution (DC) fund usually achieves growth over the long term, but in the short- to mid-term, its value can fluctuate wildly due to booms and busts; [the] coronavirus came along and the markets suffered their second-biggest loss of all time. "If savers' retirement is ...
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