The Bank of England came under fire from the pensions industry again yesterday, after claiming its £375bn quantitative-easing programme bears little responsibility for the worsening financial position of UK pension funds over the past three years.

In a paper prepared for a Parliamentary committee, published yesterday, the Bank claimed the effect of its monetary-stimulus programme, which has involved printing money to buy up £375bn of UK government gilts since February 2009, was "broadly neutral" on pension finances.