This is entirely to be expected with Brexit and Coronavirus uncertainty, as pension and life insurance investors we give our cash long term. This scenario was exactly what banks and others were warning against in the last 3 yrs - the Brexit run up, in addition we have the current recession.
The lucky ones will have already bought an annuity where a fixed plan has already been agreed, they won’t change. The really unlucky ones will have invested in ISAs or pensions in the last 2 yrs and will have lost a lot, thank the Tory government for that.
Hedge funds will have done well, in a volatile market they make money when a stock or currency falls, at long term investors expense. It’s a difficult time, do you accept the losses and budget accordingly, or wait for values to recover in a few years time, bearing in mind that a bad Brexit deal will see values fall further.
It’s particularly concerning to see the value of sterling struggling against the Euro and the Dollar, compared to other economies the UK is not doing well.