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Survey finds that almost half of the workforce have never reviewed their pension

According to a survey conducted by Baring Asset Management, pension investment remains worryingly low down on many working adults’ list of priorities. While the vast majority of those who participated in the survey admitted that it was their own responsibility to monitor and understand how their pension fund was invested, 45% of workers admitted they have never reviewed their pension plans.

Additionally, 38% of people asked said they had never made a change to their pension based on their risk profile and over 1/3 of respondents said they had simply chosen their pension provider’s default option.

Furthermore, less than half of those surveyed listed trained financial experts, such as accountants or independent financial advisors, as their preferred choice for pension-related advice and 23% of people admitted they were more likely to just speak to family or friends if they needed help.

The findings are a cause of concern according to Baring Asset Management’s chief investment officer, Marino Valensise, who expressed a belief that it is “more important than ever” to speak to financial advisors, given the economic problems we are facing.

“Millions of people may be exposed to poor asset allocation and inappropriate levels of risk due to a refusal to review their pension investments regularly and with the correct levels of advice,” Valensise said.

“It is good that the majority of people see it as their personal responsibility to monitor and understand their pensions [but] they need to follow this up and make sure they are speaking with their financial advisers.”