Aon’s investment strategy is to opt for an aggressive asset allocation approach for the growth phase, with a 90 per cent allocation to equities and the remainder in property. The default is invested across eight different asset managers, blended by Aon Hewitt.

A range of fund options other than the default is available to members. These are actively managed by Aon using its delegated investment approach where it is responsible for the asset allocation strategy and choice of underlying funds. Members can also access objective based funds or asset class based funds should they want to create a customised portfolio.

Retirees in the default move into decumulation with a still- significant 30 per cent equity holding, although the derisking strategy is longer than most in the survey, at 15 years.

The default was launched just too late for us to be able to include three-year performance figures.

Data as of 31.03.18