The UK's National Association of Pension Funds, representing investors worth £800bn, has accused the European Commission and its advisory body of "rushing" through new pensions regulations so quickly they have breached their own guidelines on how long industry is given to respond.

The NAPF issued the broadside in its response to the latest round of technical consultation on the details of the EU's proposed new pensions directive, which it says might add £330bn to UK funds' liabilities, an increase of 27% on top of the current £1.2 trillion.