Darren Philp, director of policy at the National Association of Pension Funds, described the UK’s regulatory landscape in pensions as “the legacy of responses to past crises” and set out ideas and priorities for the future.

In his keynote address, Philp said the current set-up was "fragmented", with the Pensions Regulator safeguarding the interests of 1.5 million people in defined-contribution plans that are set up as independent trusts, while its sister regulator, the Financial Services Authority, looks after a further 1.5 million people in contract-based plans, which are typically run by insurers on companies' behalf.