- Debate rages over whether lifestyle solutions are suitable as severe market turmoil continues to test pension investors’ confidence. The cult of the equity as a long-term pension investment comes under intense scrutiny.
- Employee stress levels are recorded as increased as economic pain and job insecurity continue, causing spikes in EAP use.
- Scottish Life launches Governed range of pension defaults.
- Zurich Corporate Risk opens to business.
- Norwich Union rebrands as Aviva.
- Chicago landmark The Sears Tower is renamed Willis Tower, angering local residents.
- A furore surrounds the £703,000 pension payoff to former RBS chief executive Sir Fred Goodwin, after he oversaw a collapse that led to taxpayers having to pay billions into the bank.
- Munich Re UK head of client marketing John Ritchie tasked with setting up an arms-length group risk provider, which will launch under the name Ellipse.
- Axa Winterthur launches family Sipp with scheme pension.
- Group Risk Development appoints Katharine Moxham as its first public-facing spokesperson.
- Rivals Towers Perrin and Watson Wyatt merge.
- Group pensions brought within scope for the RDR and commission ban to come in from December 2012. Master trusts remain outside RDR controls.
- National Association of Pension Funds and pension minister Angela Eagle award the first Pension Quality Mark accreditations.
- Government confirms AE rollout will be over three years, not 18 months as envisaged, giving an October 2015 completion date. It is later extended to 2017, then again to February 2018.
“The [RDR] proposals will lead to a contraction in the number of advisers doing group pension business because they will not be allowed to take commission.” Aviva head of pensions Paul Goodwin
CA Firm of the Year: Bluefin