Chief executive of the National Association of Pension Funds (NAPF) Joanne Segars commented yesterday: "There is no reason to think that the stock market falls of the last few days will have a significant impact on pension provision."

Remarking on the potential impact of recent falls in the stock market on the supply of company pension funds, Ms Segars added that pension funds are long-term investors and the monetary policies of pension funds will be arranged in accordance with long-term responsibilities to consumers, rather than in response to short-term movements in the financial market.

Approximately ten million employed consumers are presently part of NAPF member schemes and roughly five million elderly people receive pensions from such schemes.

NAPF member schemes account for approximately 20 per cent of investment in the UK stock market, holding assets of an estimated £800 billion.