The insurance giant holds a huge book of contract-based business, and in recent years has been growing its presence amongst larger schemes through its Aviva Master Trust. The My Future solution is used as a default across both the master trust and GPPs, and currently holds £3.39bn of assets, £488m of which are from the 51 employer schemes held within the Aviva Master Trust. Just 41 per cent of active Aviva Master Trust members are invested in the default, reflecting the fact that the largest employer within it – by number of members – uses a bespoke default arrangement.

The default comprises two funds, My Future Growth and My Future Consolidation, and has a two-thirds/one third equity/bonds split for the growth phase, held in BlackRock funds. It retains a 21 per cent equity exposure at retirement. My Future operates a derisking path that starts 15 years before state pension age/ selected retirement date. Members can also opt out of the default into any of 21 self-select funds.

Aviva’s growth phase portfolio approach has delivered solid returns with a middle of the pack level of risk over five years. Its three-year stats for performance five years from retirement place it amongst the lower risk glidepaths in the sample.

Data as of 31.03.18