Stark differences in performance between the UK's new pensions providers are beginning to emerge, six years on from the start of the government-mandated auto-enrolment policy that has brought eight million new savers into the system.

While passively managed low-cost funds and some actively-managed funds have taken advantage of benign investment conditions in recent years, another group of actively-managed funds has performed much less well. But these say a market downturn would leave the passive contingent exposed, and benefit their lower-risk approach.