UK Money News
14th August 2008
Brits 'dread reviewing pension investments'
The expectation that checking how pension pots are invested will be a sobering experience is dissuading people from doing so, it has been claimed.
Earlier this week, research from Barings Asset Management showed that just 22 per cent of adults with defined benefits schemes had reviewed them in the last 12 months.
This compared to 28 per cent at the same time last year.
Ian Clarke, investment research manager at IFA network Sesame, said the reason that reviews are being avoided by investors is the expectation that they will be a painful experience comparable to "a trip to the dentist".
He said: "Young people do not understand the importance of taking control of your own retirement pot. And there is a degree of complacency because pensions are long-term, and they think they can put it off until tomorrow or next year.
"And as they get older it is a case of denial. It is like a trip to the dentist, you know you need it but you also know it is going to cost you and be uncomfortable."
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