This research report focuses on eight case studies of DC pension schemes that have been through the process of DC default fund creation, review or improvement.

The triggers and motivations for reviewing the default fund have varied between schemes; ranging from the closure of an employer’s defined benefit scheme to new or existing members; to the approach of automatic enrolment and the need to design a default fund suitable for a wider group of employees; to a sense that the original set up for the default was the first bite of the cheer and that members would be better served by a different arrangement.

From these eight case studies we have highlighted 15 default fund design trends as seen through the case studies, 15 default fund design features used and recommended by those we spoke to, and 15 pieces of design advice from the case studies to those employers and trustees yet to review or redesign their fund structures. The NAPF was supported in this research by the Defined Contribution Investment Forum.

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