The fund manager Jupiter has urged elderly Britons to diversify their investment portfolios because rising life expectancy means a more sophisticated strategy will be required for many.

A longer retirement and pension-drawing period means that investments that provide opportunity for capital growth could prove vital for today’s retirees.

Colin Maloney of Jupiter says that, the concept that everyone must rush to seek refuge in bonds whenever they reach retirement age should itself be pensioned off.

The fact is that, at 60 or 65, people are still making plans for the medium to long-term. While they may need access to some funds immediately, others should be managed on a much longer time frame, he adds. This would better support the more active, adventurous lifestyles many pensioners enjoy, at least in the early part of their retirement.