Proposed legislation to liberalise the pensions regime is eagerly awaited by many prospective pensioners but also by institutions interested in entering the market. One interested party is the mutual building society, EBS.

Describing current pension products as "too complex, not transparent and not good value", chief executive Mr Pat O'Reilly told members at the society annual general meeting that it was seriously considering entering the market.

While nothing will happen before the legislation is put in place the EBS with its large branch network, large client base of savers and experience in funds management could become a serious competitor for the life assurance industry which dominates this market.

Preliminary thinking at EBS is that pension products should be more easily transactible - that is made more simple so that clients can understand them more easily and thus they are easier to sell - and that commission should be spread over the life of the pension product rather than heavily loaded at the front end of the contract.

EBS could decide to aim at encouraging potential pension clients to start regular or contract saving at a younger age aiming at the German model where such savings could eventually be used to back a home loan.