Alan Pickering, former chairman of the National Association of Pension Funds (NAPF), has said that UK corporates should take the management of final salary pension schemes away from trustees, who have "outlived their usefulness".

Pickering, who admits his view is "heresy" given the current governance of UK occupational pension funds, added that future UK defined contribution pension provision will become close to a direct contractual commitment between employer and employees, where there is no place for trustees.