Pensions minister Steve Webb almost threw in the towel as a Lib-Dem MP before the last general election. After 13 years in opposition with the prospect of a further five, fighting for change looked daunting. He’s glad he didn’t. Over the past 30 months, he has presided over the biggest pensions industry shake-up in decades.

Webb now has a stark message for the industry: "Do not underestimate how bad your reputation is. Be under no illusions how little respect this industry has - there is a mountain to climb in terms of public perception."