The National Association of Pension Funds has welcomed Adair Turner's government-sponsored report on UK pension fund provision, which paints a grim picture for the adequacy of pensions by the year 2050.

Terry Faulkner, chairman of the NAPF, said: "If the political will exists, this report can provide the catalyst for a shift in emphasis away from complex means-tested benefits which could cloud the picture for consumers and contribute to Britain's yawning gap." The Confederation of British Industry also welcomed the report, saying: "This is a spot-on analysis."