At some point this autumn, the UK’s pensions minister, Steve Webb, is set to publish his proposals to reinvigorate the workplace pensions market through the concept of defined ambition.

This is his catch-all term for a new type of pension scheme, one that sits somewhere between the defined-benefit schemes of the past, which offer a guaranteed amount in retirement, and the modern type of defined-contribution schemes, which make no such promises and simply invest members' money.