“It has become obvious over time that the effect has been negative for the UK economy. However, the present Government is having to stand all the arguments rehearsed  over this period on their head to get Scheme Trustees to accept that all derisking must now stop. Growing surpluses is now the new order.

“On a more positive note, we are pleased to see that areas of concern that we have highlighted on many occasions will be consulted on by Government. These include investigating and strengthening the rules concerning sole trusteeship and consulting on the requirement for Trustees to receive support - both financial and in terms of time required to undertake their duties.

“MNTs are avital part of the member protection safeguard and as an Association we will continue to work with Government and TPR to ensure that these protections are not in any way undermined”.