Pensions experts are proposing a radical shake-up of the UK retirement industry that could eventually help to lift two million pensioners out of means-tested benefits.

The National Association of Pension Funds (NAPF), which represents 1,200 UK schemes, hopes to reshape the country's ailing pensions industry through its "Fit for the future" programme, which will be unveiled this morning.

This will look to build on the Government's 2012 pension reforms, which will see employees automatically enrolled into their existing employers' pension scheme or into a new system of personal account.