The research also found that 14 per cent of people said they think it is the responsibility of their employer to ensure that they fully understand the asset allocation of their pension fund – up from 13 per cent in 2014 and ranked third overall after ‘their own responsibility’ followed by their ‘pension provider’.
Overall, financial advisers remain the most significant source of advice for retirement planning. A fifth said they were most likely to go to a bank/ building society, up from 14 per cent in 2014. One in five said they do all their financial planning themselves.
Rod Aldridge, Head of EMEA Wholesale Distribution at Baring Asset Management, said: “Once again our survey shows more people relying on their employer for financial advice – an indication of the central role our work plays in our lives and its role as an increasingly significant distribution challenge. It is also very encouraging that IFAs continue to be key as the importance of independent advice remains fundamental to effective financial provision in retirement.”
