UK - Over 13 million people in the UK have never reviewed their pension plans and a further 2.2 million have not done so in the last five years, a study from Baring Asset Management has found.
The research showed young people in particular were less likely to review their pension portfolios. Some 56% of those in the 18-24 and 25-34 age groups had never reviewed their pension plans, compared with 25% of those in the 55-64 age group.
Barings' research also highlighted a considerable gender difference. Of the 46% of people who had reviewed their pension plans, 53% of women did not know or could not remember if they opted for the default fund or chose the funds themselves, compared to 29% of men.
Marino Valensise, CIO, Barings, said: "These statistics are very worrying. It is surprising to see that so many people still have no idea where their money is being invested or, indeed, whether their pension is producing the returns necessary to support them in retirement.
"Coupled with the fact that people are not putting aside enough funds in general for their retirement, it's clear that many people could face a serious shortfall when they reach retirement age."
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