Many of the UK's millions of new pension savers are invested in funds that are taking too much risk with their money as they near retirement, one of the UK's leading consultancies in the sector has warned.

The study by Hymans Robertson of the UK's master trust pension schemes — which were set up six years ago and have taken in 7 million members — shows that while most of the schemes have delivered strong investment returns during the past three years, "there are signs of concern if we see volatility return to markets".