Members of defined-contribution and defined-benefit pension funds, their trustees and employers should demand legislative changes to ensure a level playing field for all pension recipients. Unlike the more attractive pension options available to self-employed and proprietary directors, members of defined-contribution pension schemes have the worst of all worlds.

They take the risk of ensuring they (and their employers) contribute enough to provide an adequate pension fund, which must be used on retirement to buy an annuity to provide their pension regardless of the state of the markets at that time - there is very little if any flexibility on the timing of the purchase. Depending on the markets, the income available to a retiring fund member can vary dramatically.

While defined-benefit fund members are guaranteed a pension related to final salary they, like defined-contribution employees, lose out because any value left in their annuity dies with them - there is no fund reverting to beneficiaries after their death. Employee members of pension funds need to make their voices heard to get equality of treatment.