Mark Hyde Harrison, the outgoing chairman of the National Association of Pension Funds, used his final address to the organisation in Manchester yesterday to call for an end to the UK’s dual system of pensions regulation.

The UK's £1 trillion of pension-fund savings is overseen by two separate regulatory bodies: the Pensions Regulator, which regulates most independently-run company schemes, and the Financial Conduct Authority, which oversees the outsourced schemes run by insurance companies on companies' behalf.