Its reasoning is that the mood in the country is changing, and there is now a growing desire for more radical solutions which would solve the pensions issue once and for all.
In contrast to the tone of the Green Paper, it believes that as more and more schemes close and go into run-off plans, sponsors are reaching the limits of the extra money they are prepared to put in and are looking for alternative answers.
The next step may be to see if members’ benefits can be cut.
With this in mind, JLT suggested that companies tempted down this path might soon not have to worry about the protections enshrined in EU pension and insolvency directives, or about the intervention of the European Court of Justice.
This seems to be a reference to the Pensions Act 2004, which was derived from an EU directive and laid down rules on funding and investment, referencing the Pension Protection Fund.
The EU was also the driver for equal pensions between men and women, which some here would like to unwind.
The other big talking point is the amount of theft seen in the industry since Osborne brought in his pension freedoms without spending enough — or even any — time thinking through the consequences.
This was probably outside the Green Paper’s remit but is a hot topic because ultra-low interest rates have made the capital value of guaranteed pensions soar to stratospheric levels.
This is the other side of the unaffordability coin — firms cannot afford to create new pensions but those which already have them are sitting on a pot of gold.
Some transfer values use a multiple of 40 times, meaning a pension with a potential value of £25,000 a year can be turned into £1 million in hard cash.
At this level, even conservative financial advisers have been known to tell clients to cash in because, with interest rates starting to rise, they are unlikely to see this kind of valuation again.
It has also been a bonanza for asset managers although one, EQ Investors, a new-generation tech-savvy firm, warned yesterday that people need to show a high degree of care and planning if they are thinking of accessing and investing these sums.
There is an obvious risk that they will spend too fast, earn too little and find themselves short of cash in later years.
A darker warning came from law firm Pinsent Masons in a recent publication entertainingly entitled Pensions and Chocolate — the joke being that regulation, like chocolate, can make you sick if you have too much of it.
Its thesis is that despite the best intentions of legislators, the huge growth in pension regulation has done little to protect pension members.
To press that point, it spoke of “tens if not hundreds of millions being stolen through pensions liberation”.
That is probably the most chilling statistic of all. That so many people are being defrauded of their pensions is a far bigger scandal in real terms than anything the owners of BHS are alleged to have done.
