When the value of your investments fall, or you’re worried about it happening you might be tempted to put it somewhere you think would be safer - but that might be an expensive mistake. Find out what you need to consider.
If you have money in some type of investment or pension arrangement, you’ll almost certainly be invested in the stock market. It could mean selling your investments at a loss and missing out on the chance to recover those losses when the market starts to rise again.
When to get financial advice
If you don’t need the money right now – or within the next few years – think very carefully before taking it out.
Get advice from a regulated financial adviser before doing anything. You’ll have to pay for this advice, but it might save you a lot of money and give you peace of mind in the long run.
Help with the cost of living
Worrying about money because of rising rents, high energy bills or debt? If so, we’re here to help.
Take the first steps to find your way forward with our guides to help you with the cost of living.
If you do need the money now and have easily accessible cash savings that could be used instead, then consider that route first. Is this the ‘rainy day’ that you’ve been keeping that money for? If not, then check out other options first.
If you need the money to pay off debts or to keep afloat because your income has dropped (for example, due to the coronavirus pandemic), the government has a range of measures to offer support to people during this difficult time. We can help you navigate the different schemes.
Join our Cost of Living Facebook group
Join our private Cost of Living Facebook groupOpens in a new window to discuss all things family finance, from the rising cost of living, benefits, debt or talking to your children about money.
Beware of investment scams
If you decide to leave your investments where they are, it’s still a good idea to review the funds your money is invested in. Do they match the amount of risk you’re comfortable with? Do you even know where they’re invested and how risky the funds are? If the answer to either of those questions is ‘no’, it’s important to get some professional help.
Be very careful of scams. For example, if you’re under 55 and anyone tries to tell you that you can take a loan from your pension to use for your personal needs, don’t believe them – you can’t.
If you take money out of your pension before the age of 55, you’ll end up paying huge fees to the company who suggested it and face a large tax bill. You might even lose what’s left.
Even if you’re over 55, don’t automatically think that using money from your pension to pay debts or bills is the right thing to do. There is something else you can do that might work better for you in the long run. Again, these are decisions that might be best made with the help of a financial adviser.
What to do next if you’re worried about your investments or pensions
If you’re worried, don’t suffer in silence. Get some help.
Need more information on pensions?
Call our helpline free on 0800 011 3797 or use our webchat. One of our pension specialists will be happy to answer your questions.
Our help is impartial and free to use, whether that’s online or over the phone.
Opening times: Monday to Friday, 9am to 5pm. Closed on bank holidays.
Consider getting regulated financial advice. Regulated financial advisers can give you advice on what to do. But make sure they’re regulated, as that gives you more protection if something going wrong.
Find out more in our guide Choosing a financial adviser
Review the funds you’re invested in. Make sure they match how much risk you’re comfortable with, your investment objectives and the length of time you have before you will need access to your money.
It’s important not to interact with anyone who contacts you out of the blue and asks for any personal or bank details. Only deal with firms or organisations you’ve researched and which you trust. Reputable companies don’t cold call people.
Have you missed a payment?
Use our Debt advice locator tool to find free and confidential debt advice online, over the phone or near to where you live.
