Speaking at the National Association of Pension Funds’ (NAPF) Investment Conference, Alexander (pictured) highlighted the changes that have already been made, including to pensions tax relief.

He said: “We made those changes for good reason: to get the country back to paying its way in the world. It’s also important that we do that in a way that’s fair.

“Your industry needs stability and I take that very seriously.”

The 2012 Autumn Statement saw chancellor George Osborne cut the annual allowance to £40,000 and reduce the lifetime allowance to £1.25m in a bid to save £1bn a year by 2017/18.

In last year’s Budget, the government also confirmed it would end tax relief on contributions to schemes set up for employees’ spouses or families.

However, the industry warned Osborne ahead of December 2013’s Autumn Statement to leave tax-free lumps sums untouched.

During today’s address, Alexander also told delegates that final salary public sector pensions would end by next year amid the switch to career average schemes.

The reform follows the Hutton review, which also called for a hike in the normal retirement age for public sector schemes.