Default schemes in defined contribution pension plans need to be radically redrawn, according to a survey of asset managers involved in the pensions business.

Some 44 per cent of UK pension fund managers surveyed by PensionDCisions, a consultancy, together with FT Business, believed default schemes should adopt a target return strategy, setting either an absolute target or one related to inflation or interest rates. This is up from 29 per cent in 2008.