Buried in the detail of the UK Government's Spending Review is the confirmation that the new national pension scheme for low earners - estimated to grow to over £200bn in the next few decades - will go ahead as planned.

That is good news for the fund managers who are awaiting the chance to bid for the contracts to run its assets. The first tenders are expected to go out within weeks, and the likes of Legal & General Investment Management have already made their interest clear.