Industry wants sharing

Research from the Pensions Management Institute and HSBC Actuaries and Consultants – launched at the conference – also concluded members are not in a position to manage the risks associated with workplace pension provision.

HSBC Actuaries and Consultants head of research John Wilson said the survey of pensions managers, finance directors and other company professionals found around 60pc thought personal accounts would lead to leveling down.

Wilson said: “Many people are simply resigned to the fact the defined benefit to defined contribution trend is terminal.

However, there is evidence to suggest that, subject to the right regulatory environment, employers want to do more.”