Twelve million have never reviewed pension plans

The research found of the 52% of people who have reviewed their pension plans, 41% could not remember if they had chosen the default investment option. Around 20% of people had chosen the default option, while 39% claim not to have done so.   Certain age groups are more likely to choose the default option for their pension scheme than others, the report says. Over a quarter of those in the 18–24 and 25–34 age groups chose the default investment option compared with 10% of those in the 55 and over age group. While 54% of people were clear on the asset allocation of the default option, 33...