Britain’s pension providers and insurers have joined forces with the government to back a regional growth drive through a new group which will be launched at the first-ever Regional Investment Summit on Tuesday.

The Government is reviving the Pensions Commission to look at ways to tackle the problem of people not saving for their retirement.

Nest, the pension scheme with the highest number of members in the UK, has acquired a 10% stake in the holding company of global pension capital investor IFM Investors.