This note considers the issues arising for trustees and employers in relation to investment of assets in defined contribution pension schemes, including how to define responsibilities, managing delegation, dealing with member investment choice and default funds, communications, decumulation and the importance of employer engagement. These issues have become all the more important in the light of auto-enrolment. Trust and contract-based schemes are covered and compared, highlighting the key aspects of the legal and regulatory investment regimes and summarising the relevant best practice guidelines.