The call from personal financial planner Plan Invest’s spokesman Malcolm Mitchell comes after he said that people were not thinking vigilantly enough about their long-term futures and pension plans.

Mr Mitchell said that “an awful lot of people are not taking advice and are not reviewing what they have already got.

“We would advise people to look at what they have already got and consult an independent financial advisor,” he added.

Mr Mitchell also said that self-invested personal pensions were becoming increasingly attractive to a “wide spectrum” of consumers, with prices lowering and the product being more transparent.

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