The government has held a summit with pension leaders to ensure the Myners' code of best practice is fully implemented.

Financial secretary Ruth Kelly met pension industry leaders on Tuesday to review what progress has been made since Paul Myners delivered his review in March 2001.

The review identified a series of distortions to effective decision-making in institutional investment, and made proposals to tackle them.

"The industry and its decision-taking structures face forbidding challenges: an ageing population, unrecognisably different labour markets, shifting employer attitudes. In the world we now face, an ever-higher premium is likely to be placed on efficiency and flexibility," Myners said at the time.

"The review finds that savers’ money is too often being invested in ways that do not maximise their interests."

He went on to make a number of recommendations designed to improve the probity and efficiency of institutional investment.

Issues such as pensions trustees' expertise, asset allocation and time horizons on investment decisions were set to be at the heart of the discussions.

Ahead of the meeting the Treasury said the talks would be on a "quite technical" and "institutional" level.