Nearly half of UK pension plans have failed to put in place measures to monitor the efficiency with which their managers relay investment income into bank accounts, according to Euraplan, a fund monitoring and accounting software provider.

The survey of 42 UK pension schemes found that only half had taken steps to monitor whether income earned on their portfolios was being promptly accounted for. Katherine Lynas, an associate director at Euraplan, described this finding as "potentially alarming".