So is the UK's Pensions Regulator hatching plans to stop pension funds investing in the stock market? Well, not quite. In a speech this morning, the authority's outgoing chairman, David Norgrove, said they should naturally invest in less risky assets as they close and age in the coming decades - but in certain circumstances, the Regulator is likely to keep a close eye on this process.

Norgrove spoke this morning at the National Association of Pension Funds' annual trustee conference, and described a pensions landscape in "transition".