Britain’s early move to develop occupational pension schemes was once seen as a great source of national competitive advantage. These days it is widely viewed as a millstone, with the legacy of that innovation now blamed for a long list of economic ills.

Critics say the large number of small schemes, many of them ancient final salary plans closed to new members, has resulted in a very conservative investment culture, concentrating on safe and high-yielding assets to cover the relatively short-term pension liabilities.