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...
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