But from 11 October personal pension schemes may introduce facilities allowing scheme members to direct how funds are to be invested.

The Government should ensure that public service schemes, along with a full state pension, deliver at least adequate levels of income for scheme members.

The Government must honour in full the pension promises that have been accrued by scheme members.

Pension benefits should be uprated in line with average earnings during the accrual phase for active scheme members.

For existing scheme members you will only need to undertake this consent process once.

After that, only new scheme members will need to go through the process.

We also believe that new freedoms for scheme members will strengthen accountability and benefit investors.

The responsible entity holds scheme property on trust for scheme members.

The reforms will affect only future pension entitlements for existing scheme members from 2015.

Encourage scheme members to be aware of and put into practice crime prevention measures, such as property marking and security devices.