45% of the working population have never reviewed their pension plans and 41% were unsure if they had selected the ‘default’ option.
The survey by Baring Asset Management, also found that more people were likely to choose friends and family for pensions advice than in previous years. 23% named this as their most likely source of advice, compared with 15% in 2011. However, 34% selected professional advice from financial advisers or accountants as their preferred option.
Marino Valensise, Barings’ chief investment officer said: “Millions of people may be exposed to poor asset allocation and inappropriate levels of risk due to a refusal to review their pension investments regularly and with the correct levels of advice. This is more important than ever given the current volatile economic environment.”