"However, these default funds can have quite different objectives and it is worth checking whether they suit the profile of a particular workforce and any expectations in relation to growth."
Diversification
Part of getting the strategy right is to make sure the underlying investment portfolio is diversified properly, especially considering that millions of people who have been automatically enrolled into a workplace pension have also opted for the scheme's default.
Avoiding home bias - a strong overweight position to one's domestic market - is a priority for many schemes, to mitigate the risk of being over-exposed to a market that could suddenly collapse, taking one's pension, currency, workplace and perhaps even bank down with it.
Getting the default fund right is just one of the "two fronts" on which the battle for good accumulation must be fought, according to Sean McSweeney, corporate advice manager for Chase de Vere.
He says: "We need to ensure the default fund is doing its job. There are huge variations in default pension options in terms of both risk and performance.
"This means careful consideration needs to be given to the default fund option to ensure it is competitive in the market place and that it meets the needs of the particular workforce."
Knowing your audience
Then there is the fact that some schemes have tailored their accumulation strategy not just on grounds of age of the membership but also with a view as to the financial capability and resilience of their membership.
Mr Selby explains: "For example, the National Employment Savings Trust (Nest), the scheme set up by government, went against conventional logic by putting members in low-risk investments in the early years of membership.
"Normally, advisers would recommend younger savers take more investment risk in the early years as they are better able to ride out stockmarket volatility and hopefully benefit from long-term growth.
"For Nest, however, the priority was ensuring members who might not be used to investment volatility from opting out if stockmarkets tanked just after they joined."
Communicating the benefits
Keeping employees engaged with their workplace benefits is obviously a key starting point, and this is where the employer and their corporate advisers can do more to encourage understanding and appreciation of the benefits of workplace pensions.
For Mr Adams, part of this is by conducting regular reviews with clients.
He explains: “Another way to help get the accumulation strategy right is to encourage regular reviews.
“We all upgrade our phones on a regular basis without thinking much about it, but when it comes to something as long-term and important as a pension we aren’t giving them the same treatment.
