In pension markets around the world, it is fast becoming a truism that defined contribution plans are the way of the future, as governments and employers are less and less inclined to shoulder the liability risk of providing for old age.

There is less agreement on how to persuade individuals to engage with the investment process, or whose responsibility that is. Some investment managers are stepping up to the mark, seeing it as an opportunity to cut out some of the middle men and get closer to the end investor.