Almost half of UK residents (45%) are unclear whether they chose the default option when they last reviewed their occupational pension according to research by Baring Asset Management.
In addition, only one in five say they have chosen the fund allocations of their pension. This is the highest percentage Barings has recorded since 2008. Chief investment officer Marina Valensise said the lack of clarity highlighted ‘a worrying apathy towards pension investment among Britain's population.' The research also showed people are less likely to consult a financial adviser about their pension than in previous years. The numbers have decreased year on year from 40% in 2008 to 31% in 2011. People are going to friends and family (15%) as well as their employer (5%) to get this...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes