Pensions 'not adequately reviewed'

Britons are being urged to take independent financial advice when it comes to their pension portfolio.

Millions of consumers are believed to take out a pension without giving appropriate consideration to the level of risk and return associated with their investment, according to Baring Asset Management.

Research by the firm found that 13.6 million people have never reviewed their pension plan - something its chief investment officer Marino Valensise says is "concerning".

He said it was "surprising" that people are not aware of how their money is being invested and whether their pension will offer them the necessary retirement returns.

"Coupled with the fact that people are not putting aside enough funds in general for their retirement, it's clear that many people could face a serious shortfall when they reach retirement age," Mr Valensise concluded.

Industry body IFA Promotion states on its website that it is crucial people "keep a close eye" on their pensions, particularly in terms of how much is saved, which investments area chosen and what level of retirement income will be provided.