Smaller DB pension schemes, comprising those less than £1bn, may be unprepared for the diversified investment strategies needed to manage risk and should look to consolidate, according to a leading economist.

Welplan has expressed disappointment with the new pensions regulation regime after deciding to quit the master trust market and re-focus on continuing to grow its employee benefits business.

XPS Pensions Group has welcomed a proposed consultation from the Department for Work and Pensions (DWP) on DB pension scheme consolidation.