Turn an industry on its head, and you create a lot of complaining. And the UK’s savings industry has had more than its fair share of grumbles in the past few years, thanks to sweeping regulatory change.

But atop the ruins of the old order are built the citadels of the new. Large numbers of pension schemes are now embarking upon large-scale reviews of their investments to cope with the new environment, according to the market research firm Spence Johnson.