Dr. Laura Bambrick:

It will not be one mega pension fund. It will be close to 700,000 individual pension funds. That will be difficult to protect in legislation. We could look at something like the National Training Fund, which can only be spent for certain purposes and within certain parameters. For all intents and purposes these will be individual savings accounts. It will be difficult to get national legislation but it will have to be looked at. A tax increase on savings in the future could cover people's pensions pots. Given how close we are to recent raids on pension funds, it will be a difficult sell to convince people they can have confidence in the scheme. Everything that can be done should be done.