Asset managers seem to have employed the ancient ‘divide and rule’ tactic with pension schemes that are too small to look after their own interests, if new figures from the Pensions Regulator are anything to go by.

A survey by the Pensions Regulator has lifted the lid on the heavy cost burden incurred by small pension schemes. By all accounts, the mean cost is £182 per member for the largest schemes, but £1054 for the smallest.