Some 42% of pension savers think their funds will fall in value as a result of Brexit, with younger savers showing the most concern, according to Aegon.
The firm's research found that 46% of those aged 18 to 34 believe their pension fund will fall in value as a result of Brexit - an 11% increase since 2017 when the same question was posed to respondents.
The questions formed part of the Aegon retirement confidence survey, a biennial tracker study of 830 people conducted through the firm's customer and consumer panels in July. Some 262 respondents were between the ages of 18 and 34.
Meanwhile the number of people who expected Brexit to have a positive impact remained the same as 2017, at just 4%.
Separate analysis by Aegon also showed that £50,000 - around the amount of the average pension pot invested in the FTSE 100 - would have a seen a rise of 32% to more than £66,000. This was calculated on a bid-to-bid basis based on an initial investment of £50,000 in the FTSE 100 Total Return Index on 23 June 2016 - the date of the Brexit Referendum - with dividends reinvested to 16 September 2019, excluding investment charges.
Pensions director Steven Cameron noted that, as defined contribution pensions invest in a range of stocks and shares globally and within the UK, volatility can impact returns considerably.
He added: "Political and economic uncertainty, such as we're seeing as a result of Brexit, tends to be bad news for stockmarkets.
"However, those invested in the FTSE 100 have actually seen strong growth, which many put down to the majority of companies in this index generating most of their earnings overseas, with the value of those to UK investors having been boosted because of a weaker sterling.
"While we have seen a fair amount of investment market volatility since the Referendum, this doesn't have any immediate effect on pension savers who are not yet taking an income."
Hymans Robertson research in April found just under two-thirds of trustees have taken action to prepare for the impact of any Brexit outcome on their sponsor covenant and investment.
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