Most respondents were unsure of the relative merits of using cap-weighted indices to measure fund managers' performance.

Respondents were not really persuaded that there was a lack of capacity in the market for advisers on fiduciary management.

The majority of respondents were not convinced by research from the National Association of Pension Funds that suggested young people were thinking more about saving for retirement.

Buzz respondents do not believe trustees should be racing to act on guaranteed minimum pension equalisation, given the latest delay in implementation.

Source Pensions has added a range of low-cost Vanguard tracker funds to its online occupational defined contribution platform.

Dairy Crest has used £60m worth of maturing cheese to back its pension liabilities after trustees raised concerns over the sponsor covenant following the £341m sale of spreads business St Hubert.

Last year's dip in the buy-in and buyout market was due to trustees focusing on triennial valuations and schemes being unprepared to transact, say insurers.

Market movements in the first quarter of the year have had a mixed effect on the bulk annuity market and pushed up the cost of buy-ins and buyouts, says Towers Watson.

The consumer prices index (CPI) was unchanged at 2.8% in March, while the retail prices index (RPI) rose slightly to 3.3%, according to the Office for National Statistics (ONS).

Jack Jones examines the latest developments for IORP II