Pensionbee decimates my pension pot.

TadleyBaggie

Clearly investments aren't for you, my pension pot is down around 30K from its peak, its just what happens from time to time.

dunstonh

9 percent of my investment in PensionBee which evaluates to a lot of money to me, so I think I have the right to rant, seeing I'm close to retirement & I trusted these clowns.  So who's robbed my 9 percent, the idiots that invested it at PensionBee, simple.  

So, before you were with pensionbee, markets fell by a a bigger amount in 2020.  Did you rant about whoever you were with then?
In 2018, markets fell by a similar amount - did you rant then?
in 2015/16, markets fell by a similar amount - did you rant then?

Who are you calling a troll you cheeky basdard.  What I write is the truth.

No its not the truth.  You are writing as if you are either a troll or completely clueless but have no interest in learning the truth.

Since Dec 21.  To see my hard saved pension be decimated isn't nice.  I will now have to put of my retirement which I was hoping to take in two years time  so I think I have the right to have my say on pension company's, especially pensionbee as they are the one who have lost fourteen grand of my pension.

£14k isn't going to make much difference to your retirement plans.   And if you are retiring, then that means you have seen far worse during your years.  Yet you seem to be ignoring that.

Marcon

Rtayl306 said:

davidr1964 said:

Don't feed the troll.

Who are you calling a troll you cheeky basdard.  What I write is the truth.

Unfortunately it's entirely misguided. See https://www.pensionbee.com/blog/2022/september/what-happened-to-pensions-in-august-2022 (and plenty of other helpful information on their website). There is nothing special about any defined contribution pension scheme which ensures the owner will only see upward movements.

[Deleted User]

Rtayl306 said:

So who's robbed my 9 percent, the idiots that invested it at PensionBee, simple.  

Few people are quite so blunt about own mistakes.  That I admire.  

But if you need free suggestions from knowledgeable people then you might want to moderate the tone a notch or two,

grumiofoundation

Rtayl306 said:

9 percent of my investment in PensionBee which evaluates to a lot of money to me, so I think I have the right to rant, seeing I'm close to retirement & I trusted these clowns.  So who's robbed my 9 percent, the idiots that invested it at PensionBee, simple.  

Well if one was being fair no you don't have the right to rant really since you chose to open an account with pensionbee, you chose the investment, you read the factsheet, you knew the risks. (or you didn't in which case don't you only have yourself to blame not pensionbee).

What was it invested in before (you chose) the investment at pensionbee?

What is that down by?

You did check didn't you? 

Workerdrone

Since Dec 21.  To see my hard saved pension be decimated isn't nice.  I will now have to put of my retirement which I was hoping to take in two years time  so I think I have the right to have my say on pension company's, especially pensionbee as they are the one who have lost fourteen grand of my pension.

I think a great many people are making the sensible decision right now to defer their retirement in light of the global market conditions. It's only a paper loss right now (assuming you haven't instructed pension bee to sell any units). Sit tight and wait for it to come back. I do however wonder, given the markets are so volatile and cash is losing value to inflation, where you feel pension bee should have been invested your money? I can't think of any safe havens right now.

Kim1965

Workerdrone is right, do not consolidate theses losses and sell. There are many folk in the same boat (me for one,), if you can continue to invest, hold your nerve, it will come good.. Pensiinbee could not have predicted the war in ukraine, this amongst other things have stuffed all our plans.
 

anfirmor

My two pots have also fallen in value but it is disconcerting to see the, allegedly safer 50/50 company pension drop five times faster than a riskier shares only fund.

I found this forum very useful and have had many helpful replies as I too was worried and upset to see what is happening. My only remark would be that there are no safe funds in private pensions and that isn’t made transparent enough. We should not forsake the state pension. In fact it should be improved to be on par with many of our European neighbours. Private pensions should be a bolt on, not a replacement!

also why isn’t financial capability and understanding taken more seriously in education. Too many lambs. 

billy2shots

OP,

I know this must have come as a shock to you. Possibly due to an imminent retirement this is the most notice you have taken on how your pension is performing. Alternatively you may have transferred out from a much safer DB pension. 

As others have said, we have had many larger drops in the market in years gone by. In fact 9% is seen as noise, not even a correction let alone a crash. 

About 10 years ago I received my annual pension statement. I paid much more interest in that years letter than previous. Why? Because my pension investment was negative for the year. 
I spat my dummy out and searched the internet on how to withdraw my funds early to stick my money under the mattress. 

Thankfully there was no way to withdraw money at 30 years old (good health). I might just have made a huge mistake if I could have. 
Roll on the next 10 years and my pension (now moved to a SiPP and controlled by myself) has performed excellently as has most people's over the last decade. 

You are down 9% now. This time next year you might be break even and the year after you may well be 9% up by the time you retire. 
Don't do anything drastic and hold your course.

LV_426

Can I ask what happens to those in retirement, if the market dips like this? Do you just accept the hit and erosion of your fund value, or are people invested in more stable, but lower growth funds, post-retirement?