Pension savers could see a faster recovery of monies lost during the Covid-19 pandemic by increasing contributions ahead of a market rebound, according to research from PensionBee.
Research from the provider today (28 May) found that if a saver in their 50s made a contribution of £10,000 into their scheme while markets are down by 20%, they could boost their pension by more than £50,000.
PensionBee said the savings could be made if savers chose not to take a defensive position and keep savings in cash, and relies on markets recovering within one year.
If markets were to recover in three years, based on the same £10,000 contribution, PensionBee said a saver's pension could be up to £41,500 higher over the 15-year timeframe.
Chief executive Romi Savova said: "Time and time again, periods of economic uncertainty have proven to be a great opportunity for investors of all sizes to benefit. It is possible, given the speed of the downturn in this bear market, for markets to recover quickly, say in one-three years.
"If savers can afford to make additional contributions to their pensions now, ahead of recovery, they could make up for years of savings neglect and put themselves in a strong position for retirement."
The number of deaths registered for week 20 (9 May to 15 May) of the year in England and Wales is slightly higher than the figure for week 19 due to a backlog of registrations.
David Fairs is making a bid to complete 52 10k cross training sessions in a bid to raise £10,000 for Sarcoma UK.
Ahead of stepping down as senior partner next week, Nick Salter tells James Phillips about building Barnett Waddingham up to £100m in turnover, his client-first mantra, and his desire for greater consumer trust.
In this live blog, Professional Pensions brings together all the latest news on the industry's response to the coronavirus pandemic, as well as regulatory and legal updates.
Natixis Investment Managers has made a strategic investment in Smart, the technology platform behind the Smart Pension master trust.