Default funds will have to offer greater disclosure on costs as defined contribution pension schemes increasingly question their value for money amid a realisation that one size does not fit all.

Lynne Rawcliffe, pension manager at chemical company BASF, told delegates at the Pensions and Lifetime Savings Association annual conference in Manchester, that her team carries out quarterly reviews of the performance of its default fund, the option available to scheme members who choose not to make their own investment decisions. More extensive additional reviews are carried out every six months and annually. However, she added that the idea of value for money was hugely subjective.