Less than half (47%) of pension savers reviewed their pension scheme in the past year, with just under a fifth (18%) regularly reviewing their pension, research from Investec Wealth & Investment has revealed.

The survey found that those aged between 55 and 64 were most likely to review their funds, with 62% saying they had reviewed their pensions in the past year, while 27% reviewed them regularly.

Many savers are also in the dark about how risky the investment allocation is, according to the research, which found that 23% of pension savers do not know the level of risk on their main pension fund while 41% believe is very low risk or low risk.

This applied just as much to younger investors, with 29% of those aged between 18 and 24 saying their funds are low or very low risk.

The research also raised adequacy concerns, as 38% of respondents admitted that they have less than £75,000 saved in their pension funds.

This was just as true for those savers in the run-up to retirement, as the study found that 38% of those aged 45 to 54 have less than £75,000 saved, while 28% of those aged 55 to 64 have the same level of pension savings.

Commenting on the findings, senior chartered financial planner at Investec Wealth & Investment, Faye Church, said: "Anyone contributing to a pension should be reviewing their funds at least annually. So many people invest in the default fund available and then forget about it.

"There can be a huge difference between investment selection and performance, which in turn dictates the growth of the pension fund, especially when you consider someone contributing in their 30s won’t be able to access the funds for another 20 years or so.

"Part of the investment review should focus on risk through asset allocation, as the longer you have to invest the longer you have for any peaks or troughs to even themselves out. Given most people can’t access their pensions until 55, this brings with it an opportunity for younger savers to obtain some good long-term growth within their pension."

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