After years of debate, the pensions industry is freeing itself from dependence on external advisers. The idea of hiring independent specialists with financial expertise to help oversee these multi-billion pound trusts, and keep tabs on their consultants and fund managers, is spreading beyond the biggest schemes.

This month the Personal Accounts Delivery Authority, the body responsible for designing the UK's new national pensions system, said it was looking for a chairman for its trustee authority on £100,000 (€108,000) a year. That demonstrates the premium placed on good governance at the top end of the market.