The pensions industry has moved a mountain to get millions of new savers on its books in the past five years; by any measure of sign-ups, auto-enrolment has been a great success. But are those members getting good returns on their money?

There has been comparatively little attention paid to the investment performance of the new master trust schemes, into which most of the new savers have been enrolled. They now have seven million members and over £9 billion of assets, and are still growing fast.