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Half of employees 'have never reviewed their pension'

Just one in five working adults in the UK have reviewed their pension plans in the last year, according to new research.

Barings Asset Management found that 48 per cent of employees have never taken a second look at their financial arrangements for retirement.

A further 12 per cent said they were unsure of the last time they purposely examined their plans.

Of those that claimed to have undertaken a review recently, some 38 per cent went with the default option available to them.

The findings follow an earlier survey by the firm, which showed that 43 per cent of adults had not thought about how they intend to fund their post-work years.

Marino Valensise, chief investment officer at Barings, said: "The fact that individuals seem to continue to take little or no interest in financially planning for their retirement is of real concern.

"The industry needs to improve the way in which pension advice is given so that people better understand the levels of risk and return that they can expect from their portfolios."
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