Fiduciary management is not for everyone – not in the long term, at least. The healthcare technology group Tunstall first engaged its pensions adviser, HSBC Actuaries and Consultants, to take more responsibility for its scheme in 2002, but has since reversed the move.

Steve Essam, group human resources director and chairman of the £30m (€35m) pension scheme's board of trustees, said: "It was a time when the Myners Report had indicated that trustees should take more responsibility for investment management.