Savers have been urged not to make hasty financial decisions they may later regret after the vote to leave the EU.
Pension experts said the message should be “don’t panic” amid the uncertain economy, and savers should consider taking advice if they are planning to take money out in the near future.
Tom McPhail, head of retirement policy at Hargreaves Lansdown, said: “For long-term pension investors who may be seeing the value of their retirement savings falling today, the key message is to do nothing unless you have to.
“We are likely to experience a period of volatility in the markets and uncertainty in the wider economy. In these conditions, acting in haste is unlikely to serve well. If you are years from retirement and making regular savings, then just keep going; falls in the market mean buying investments at a lower price.
“If you are close to retirement, then try to avoid selling funds and shares right now. Annuity rates may move in response to changing interest rates, however this is not certain.”
Mr McPhail warned there could be changes to the state pension as the Government looks to make savings.
He said the “triple lock” on state pensions, which guarantees they are uprated by a certain level, could be an “early casualty” of a Brexit.
Mr McPhail continued: “We could also see a more rapid increase in state pension ages.”
There could also be further curbs to pension tax relief, Mr McPhail said, “so investors would be well-advised to make the most of the available tax relief while they still can”.
Steven Cameron, pensions director at Aegon UK, said: “Our key message to pension savers is ‘don’t panic’.
“If you have a defined contribution or personal pension, its value will be affected by stock market movements and if you are thinking of taking money out in the immediate future, we recommend you first seek advice.”
He continued: “The UK Government might consider other changes to pensions in response to wider economic conditions and we will be monitoring closely any possible impact on our customers.”
Huw Evans, director of the Association of British Insurers (ABI), said: “The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks.
“Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore avoid hasty decisions about their financial matters.”
