The first thing to note here is that five years is plenty of time – even just two years is enough for things to change.
That’s according to Claire Trott, the divisional director for retirement and holistic planning at St James’s Place.
“Pensions are a very long term investment,” she says.
“And in those five years you’re not going to suddenly just cash it all in.”
When you’re coming up to retirement – which is less than five years – it is a good time to start planning, she adds, as many people don’t even look at their pension until the moment they want to take it.
“It doesn’t impact all pensions, we must remember that,” she says.
“So your state pension currently is not impacted if you’re coming up to state pension age. And if you’re in a defined benefit scheme, which is a promise, then it’s not going to impact you personally.
“However, if it does continue to drive issues with the stock market, then employers may need to actually fund more into those to make sure that they are protected. So there’s always a knock-on effect to these different things.”
In short, she says she would still ride it out at this point – there’s still “plenty of time for things to change”.