Money News
11th August 2008
Britons 'lax' over pension savings
Britons have been warned that their lax approach to their pension savings could leave them facing an income shortfall when they retire.
Baring Asset Management was moved to issue its warning to the UK's savers after a survey it conducted found that just 22 per cent of people have reviewed their pension plan in the last year.
This is despite the fact that the volatility noted in the financial markets since August last year could have seriously impacted on some of the companies in which they are invested.
The study also revealed that of those who had checked their fund in the last two years, 41 per cent were unable to recall if they had chosen the default investment option for their pension scheme.
Marino Valensise, Barings chief investment officer, 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."
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