I'm no cynic but...
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It is obviously going to be a big worry to those approaching retirement but for anyone with several years to go then it can come as a chance to really add some value to their funds. I have read elsewhere at times like these that on a 5-year rolling time scale [eg 2014 to 2019, 2000-2005 etc] there have been relatively few periods where the end of period share indices have been lower than the start of the period. As pension contributions are spread throughout the contributor's working life, the chance to add more fund at a lower price is obviously more advantageous than adding at a high price later in life when their is less chance for the fund to work it's magic. The principle is known as 'pound cost averaging'. It may come as a relief that these funds are huge affairs and usually administered by financial organisations that have existed for decades, even in the 1800's and have thrived even throughout two world wars or throughout major recessions. Just keep a close watch on your chosen companies and carefully read any updates they should send your way. And if it doesn't seem right [a good enough principal in it's own right], you can always have access to your chosen Independent Financial Adviser who will happily put your minds at rest.