Pensions should focus on members

At present, there is no leeway to break the cap if fees rise in reflection of good performance.

I await more detail with interest, but new complex exemptions to the charge cap to allow greater investment in patient capital would, in my view, look like the investment tail wagging the pensions dog.

At the end of the day, the key aim of pension schemes must remain providing an income in retirement to their members, not to be a convenient flow of investments to finance innovative companies within our economy.

Steven Cameron is pensions director at Aegon