Almost half of working Britons never review their pension plans and 38% of those who do select the default option for their scheme, research suggests.
A further 33% do not know where their pension is invested, according to a survey by Baring Asset Management.
Of those who have reviewed their pension plans, as many as 1.3 million individuals said the information supplied to them about how their funds would be invested was poor or non-existent.
Only 11% of working people who have reviewed their pension plans took advice on where to invest from a financial adviser. Just onder one in five (18%) made allocation decisions alone.
"The fact that individuals seem to continue to take little or no interest in financially planning for their retirement is of real concern," Barings chief investment officer Marino Valensise (pictured) says.
"The industry needs to improve the way in which pension advice is given so that people better understand the levels of risk and return that they can expect from their portfolios.
"With the markets behaving so turbulently over the past few years, pension holders should be sure to review their schemes on an annual basis.
"I would urge them to seek independent financial advice when they do so to ensure their portfolios are correctly positioned for their needs and not just put into the default option funds for the sake of ease."
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