Larry Fink, chief executive of US funds giant BlackRock, has laid out the unpalatable choices facing global pension schemes, in a reminder that difficult times still lie ahead despite the uplifting effects of this year’s market rally.

Speaking on the second day of the Bank of America Merrill Lynch Banking and Financial Services Conference, yesterday, Fink said that the gaps in retirement schemes' balance sheets were huge, and that they would eventually face difficult choices over the coming 10 years.