- 2011 Pensions Bill introduces mechanism to switch from RPI to CPI for DB schemes, eroding inflation protection for members.
- Group risk professionals celebrate the removal of five years of uncertainty over whether insured workplace benefits would be subject to new age discrimination legislation, when the Government confirms they will not.
- Consultancy Charging Working Group, set up by the FSA and overseen by the Society of Pensions Consultants, sets out guidelines and best practice directions for post-RDR remuneration of workplace pensions. DWP confirms that pensions with consultancy charges that take all of an employee’s first year’s contributions can be qualifying schemes for AE purposes.
- The European Court of Justice decision in the Test-Achats case, brought by a Belgian consumer body, outlaws gender underwriting for insurance products.
- The Association of Consulting Actuaries throws its support behind a Treasury consultation into early access to pension, contradicting responses from the NAPF and other bodies. The Treasury later quashes the idea.
- Group Risk Development launches a service standards charter and new business templates to speed business processes.
- Offshoot of Danish pension giant ATP, Now: Pensions, launches in the UK.
- B&CE launches The People’s Pension.
- Pot follows member consultation launched.
- Spencer Lodge, regional director at de Vere Group, is sued by The Elton John Aids Foundation for failing to honour a £700,000 bid made at a charity auction.
“The current system of public-sector pensions is like a Madoff-style pyramid, now collapsing under the weight of insufficient contributions, rising longevity and an ageing workforce. Without reform we are embarked upon a slippery slope to fiscal calamity.” Centre for Policy Studies fellow Michael Johnson
CA Firm of the Year: Bluefin