It would not be tied to any particular employer and take out the "lottery factor" that would result from the current plans, Ms Segars said.

BBC: Pension reforms plans 'could cut retirement income'

Warren East, 51, is to step down on 1 July and will be replaced by Simon Segars, the current group president at the Cambridge-based company.

BBC: Cambridge-based smartphone chip designer boss to retire

"Quantitative easing makes it more expensive for employers to provide pensions and will weaken the funding of schemes as their deficits increase, " said Joanne Segars, chief executive of the NAPF.

BBC: Bank of England injects further ?75bn into economy