The value of your pension savings is linked to the value of the fund’s investments. These values can go up or down over time, and these changes in value are a normal part of saving for a pension. As you get closer to retirement we gradually move your pension savings into investments that don’t change in value much.
This is designed to help protect the value of your savings before you turn them into retirement benefits – so ups and downs in investment markets are likely to have less effect on the value of your pension savings at that stage.