A concession from new work and pensions secretary Alan Johnson to the TUC yesterday has immediately been attacked by the savings industry.

The Cabinet minister told union delegates that workers would nominate at least half of all company pension scheme trustees, providing a power of veto.

But the National Association of Pension Funds said it had warned the government the idea could backfire.

Meanwhile research from the National Audit Office has shown that ageism in the workplace is costing the economy billions of pounds every year.