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Open Market Option Comparisons for Pension Income

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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

Aegon Annuities Aviva Annuities Axa Annuities Canada Life Annuities Friends Life Annuities Hodge Annuities Just Retirement Annuities Legal and General Annuities LV Annuities
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Almost half of UK working adults have never reviewed their pension plan

For most consumers, keeping an eye on our finances has become imperative in the current economic climate, with factors such as falling annuity rates, inflation increases and the rising cost of living all threatening to tip us into the red.

However, recent research has revealed that while we may be carefully monitoring our everyday expenditure, we have shifted our focus away from our longer term investments.

The survey, conducted for Baring Asset Management, found that almost half (45%) of those questioned had never reviewed their pension plans. For the 41% who had reviewed their policies, they were unaware as to whether or not they had selected the ‘default' option offered by their pension provider.

When questioned about the last time they had made alterations to their pension and investments in order to better reflect their risk profile, more than a third (38%) of respondents admitted that they had never made a change. A further 5% confessed that the last time they made a change was over a decade ago.

Marino Valensise, Barings' chief investment officer, said: "Millions of people may be exposed to poor asset allocation and inappropriate levels of risk due to a refusal to review their pension investments regularly and with the correct levels of advice.”

Further findings from the research revealed that 23% of people were most likely to turn to their friends and family for pension advice, while 34% opted to consult professionals such as Financial Advisers or accountants.

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