One in three not looking twice at pension

Published on Friday 25 September 2009 20:51

ALMOST one in two people currently working in the UK has never reviewed their pension arrangements, it has been claimed. And of those that have looked at their pension plans, a third still do not know where their money is invested, according to new research published by Baring Asset Management.

It also found that 36 per cent of people with pension plans have their money invested in their pension provider's default fund option. However, a fifth said the default option they were offered by their workplace pension schemes had been poorly explained, or not explained at all.

Just 12 per cent of workers who have reviewed their pensions took advice from a qualified financial adviser on how and where to invest their pension, with more people either consulting friends or friends for help or choosing to select their pension investments themselves, said Barings.