Research has shown 12 million Brits have never reviewed their pension plans and 1.37 million Brits have not reviewed their pension plans in the last five years, according to Baring Asset Management.
While 54% of people were clear on the asset allocation of the default option, 33% were not clear and another 13% could not remember the detail of where their pension funds were being invested.
The research found that 49% of people who have revised their pension plans have not been advised on the appropriate asset allocation for their age and life stage and 39% of people do not know if they have the appropriate asset allocation to suit their age and life stage.
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