At a time when the UK's membership of the European Union has rarely been more controversial, two current EU initiatives aimed at Europe’s €3.5 trillion pensions industry, which could have a particular impact on the UK, make Brussels look like both saint and sinner at once.

The UK represents by far the biggest chunk of the private-savings market. The country has over £1.5 trillion of assets saved up for citizens' retirement, much of it managed very profitably by fund managers in London.