William Wright:

Absolutely. One of the huge challenges in the UK pensions debate over the past 25 or 30 years has been that we sort of knew what was not working and where corporate DB pensions were going to go, and then there was a hiatus and no real active design of what was going to replace them. Auto-enrolment did not start to kick in for a couple of decades, and now we are beginning to see the benefits of that, but the opportunity to actively redesign the structure of the defined-contribution pensions system in this country, and the structure of public sector DB, is long overdue.