More than a third of Brits fail to reassess pension risk, claim experts

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More than a third of Brits fail to reassess pension risk, claim experts

Wed 14th Sep 2011

Some 39 per cent of British people who have money invested, from pension funds through to private investments, have never changed their level of risk profile, financial experts have claimed.

Research from Barings Asset Management also revealed how 3.2 million people changed the risk levels of their pensions but of the 18.5 million that had not, 50 per cent were nearing retirement aged from 55 to 64, while 40 per cent were aged 65 or over.

With 17 per cent of people claiming to be completely unaware of their investment's risk profile, Baring's chief investment officer Marino Valensise said the company is "staggered" by the figures.

"Without understanding the risks they are ignorant to how they need to look after the pot in order to get the maximum income in retirement," Mr Valensise warned.

He added that with few people checking their investments, the levels of disappointment when many policies mature is likely to be high.

Last week, the Office for National Statistics revealed how the recession had triggered a sharp fall in pension contributions by £2.2 billion in 2009-10 from 2008-09.

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