Many Brits are unaware of the risks carried by their pensions and investments, new research has revealed.

Conducted by Baring Asset Management, a study found 50 per cent of people aged between 55 and 64 have never changed the risk profile of their retirement fund.

This was the same for 40 per cent of individuals in the over-65 age group.

Furthermore, the investigation discovered that 8.3 million people in the UK, or 17 per cent, do not know the level of risk associated with their pensions and investments.

Chief investment offer at Barings Marino Valensise said: "With so few people taking an active role in understanding the terms and conditions of their investments, many are likely to be disappointed when they reach retirement."

He added that the company is "staggered" by the results of the survey.

Earlier this week, charity director at Age UK Michelle Mitchell claimed many retirees are missing out by failing to shop around on the open market when they come to the end of their careers.

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