Price is what you pay; value is what you get, to quote Warren Buffett. But for those responsible for managing the UK’s defined contribution pension funds, neither is proving easy to measure.

April 2015 saw the introduction of a charge cap on DC default funds and more onerous obligations on trustees. These include duties to review strategy and performance; explain how the fund is invested in the best interests of members; and to report annually on how charges and transaction costs borne by members represent "good value".