He could deposit the proceeds with a solicitor, who could administer the fund with an instruction to keep enough money in hand to pay the rent.

This covers $900 million of new claims and an increase of $500 million for the cost of administering the fund, which now totals $1.5 billion.

They fear the increasing number of savers using pension drawdown could lose out if the company administering their fund fails.

Creating their own foundation or trust with its own set of trustees to administer the funds.

Under the deviation doctrine, a court may modify restrictions on the way an institution manages or administers a fund in a manner that furthers the purposes of the fund.