According to the Association of Consulting Actuaries (ACA), the External Reviewers claim is a welcome one, but it has called on the government to form a consensus in order to take a more radical step towards it.

Ian Farr, ACA chairman, commented that the proposals outlined in the paper were a positive for workplace pensions, while a recent ACA survey found that 72 per cent supported it.

“We are pleased that a major thrust of the report is to try to make it easier for employers to offer risk sharing schemes in the future,” he said.

Meanwhile, research from the ACA earlier this month found that over eight out of ten final salary pensions initiatives have closed to new joiners, according to the BBC.

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