A survey by Barclays Global Investors of members of 500 defined-contribution pension schemes reveals that nearly half do not know who is running their fund. A similar number of people are unaware of how the fund is performing.

Details of the survey were published in Irish Pensions magazine.

A quarter of those responding had no idea how much their employer was contributing. A further 20 per cent had no idea how much they were contributing themselves, while only 21 per cent were aware that they were entitled to choose their own investment mix.

Barclays Global Investors says more consumer education is needed to tackle what it sees as an industry-wide problem.