Steve Webb, the UK’s pensions minister and guest speaker at Financial News’ Awards for Excellence in UK Pensions, wants companies to be creative in finding ways to share pensions risks with their workforces instead of expecting staff to do it all themselves.

Bradford-based supermarket Morrisons is the poster-child for this initiative, having decided to set up a cash-balance scheme ready for auto-enrolment. This is a kind of halfway house between a defined-benefit scheme and a defined-contribution plan, delivering a cash pot of guaranteed size rather than an inflation-linked pension until death.