Pension fund lobbyists have called on ministers to take a “relaxed” view of EU rules that could force British companies to spend £300 billion on their pension schemes.

The EU rules, which are due to be introduced by 2007, will force company pension schemes to hold enough assets at all times to pay out the benefits they have promised to scheme members.

Meanwhile a survey released today by the Chartered Institute of Personnel and Development has found that thousands of employers have already increased the retirement age - with many more planning to do so in future years.