As automatic enrolment and ‘freedom and choice’ have dominated the pensions market for the past few years, it seems to have been forgotten that defined benefit pensions still exist, at least outside the public sector or the MPs’ scheme.

The Pension Protection Fund news that UK DB schemes' collective deficit hit £305 billion might be nothing more than a nostalgic aside for those who work in the industry as they consider changes to their default strategy or how to help savers make exciting but very difficult decisions in retirement.