Most fund managers are not looking to build complete DC pension schemes, but rather to persuade companies to take their default funds away from passive houses and invest them in their more sophisticated – and fee-generating – alternatives.

So-called "lifestyling" - automatically moving members from equities into fixed income over the last five or so years of their careers - is already widespread. Financial News profiles three of the newer entrants to the DC market, which offer variations on the theme.