"I've Lost £50,000 in Two Weeks"

Private investor Graham Smith is worried about his health and wealth as a result of the coronavirus

Emma Simon 18 March, 2020 | 10:45AM

savings

Graham Smith, 62, was hoping to retire within the next three years but his plans will have to be reviewed in light of the economic turmoil caused by coronavirus. Graham, who now works part time for a start-up tech company, says the stock market falls have had a “severe” effect on his pension.

He says: “I have been trying not to look at what it’s now worth, but last time I checked around £50,000 has been wiped off its value.” This pension, with a former employer, is a defined contribution scheme, which means the value of the pot is not guaranteed but is determined by contribution levels and the performance of the underlying funds.

Graham, who lives in London with his wife and two sons, says: “I left this company four years ago and I think the current value of the fund is around the same as when I left, so that’s four years of growth wiped out in less than two weeks. I’m aware that you have to expect volatility with any stock market investment, but this certainly seems to be one of the most extreme events I’ve seen.”

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About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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