Companies will need to inject an additional £6 billion a year on average over the next three years into their pension funds, the CBI has said, although there has been some easing in the pensions crisis.

Government Response: Department for Work and Pensions

A spokesperson for the DWP said: "We agree with the CBI findings which give reason for cautious optimism, but there is still much to be done which can be achieved through a partnership with the government and business representatives."

Forum Response: Institute of Directors

Derek Brownlee, pensions executive at the IoD, said: "Although the deficit in occupational pension funds may be easing, it's wrong to say that the pensions crisis is over.

"Whether occupational pension funds are in deficit or in surplus is irrelevant when considering whether individuals are saving enough for their pension.

"We still think that the level of pension saving is too low, and there are few meaningful incentives for individuals or companies to increase their pension contributions. So although the news is welcome, it's only part of the story."

Forum Response: Occupational Pensions Regulatory Authority

A spokesperson for OPRA said: "Following the CBI study on pension fund deficits, Opra welcomes any reduction in pension fund deficits overall.

"It is encouraging that companies are actively putting in place measures to improve their schemes' funding position that should provide increased security for members' benefits."

Forum Response: Consumers Association

A spokesperson for the Consumers' Association said: "Any easing of the crisis in final salary pension schemes as a result of stock markets recovering is welcome but there is no room for complacency.

"This may be a temporary respite given fears that markets remain overvalued and new figures on life expectancy which may push the cost of providing pensions up even further.

"Moreover, some of the respite appears to have resulted from employers cutting benefits which just transfers more of the costs of providing pensions to consumers - so the benefit is partly an illusion.

"More importantly however for the national economic interest is the fact that only a small minority of consumers are active members of final salary schemes. There is a huge transfer of risk and responsibility underway from employers (as they continue to close down final salary schemes to new members) and from the state (as the basic state pension falls in value in comparative terms) to individuals who are expected to use the insurance industry and stockmarkets to provide a decent income in retirement.

"But the government's policy of relying on the insurance industry to close the pension gap has failed - consumer confidence in the industry has collapsed following a litany of misselling scandals which have left a legacy of mistrust.

"The most vulnerable have paid the biggest price for industry failure. No wonder our surveys show that fewer than half consumers are contributing to a pension.

"The brutal economic fact is that the insurance industry in its current form cannot deliver pensions to the mass market of ordinary consumers on terms which suit shareholders needs and consumers needs.

"The reality is that the mass market of ordinary consumers don't have access to decent final salary schemes.

"The government needs to radically reform the way pensions are delivered, and recognise the role it has to play in an uncertain world by creating new collective schemes which share risk and provide economies of scale to extend access to consumers on low-medium incomes."