- Auto-enrolment is launched in October, but Adrian Beecroft’s report on AE for Number 10 leads to the postponement of AE staging dates and contribution increases for 5 million employees of smaller companies.
- December’s RDR deadline sees the end of commission pensions and investments, including workplace schemes. FSA creates consultancy charging, only to abolish it months later.
- Pension savers in the Netherlands see their collective DC benefits cut.
- Providers agree a framework for consultancy charging.
- Now: Pensions teams up with Ellipse for group risk.
- Ban on short service refunds takes effect.
- AMII chairman Wayne Pontin calls for the PMI industry to move to level commissions.
- Aegon offers to pay half of the first three months’ contributions of employers that adopt the workplace savings functionality of its new Aegon Retirement Choices platform.
- Capita Hartshead and Bluefin Corporate Consulting merge to create Capita Employee Benefits.
- JLT buys Alexander Forbes Consultants & Actuaries for £17m.
- IBM develops a blueprint for a consumer-centric ‘citizen’s pensions portal’ that can aggregate details of all of a person’s retirement savings on a single screen, saying the project could be set up as a public utility and funded by selling product providers market information and access to consumers.
“The pension funds won’t allow managers to raise their charges above a certain point. The pension fund knows they are paying for the research and the quid pro quo is that the fee is not high. It is the same cost. If managers were to pay for research out of their P&L, they would have to put up their clients’ fees. This would be a difficult negotiation to have with clients.” Investment Management Association senior adviser, investment and markets Liz Rae
CA Firm of the Year: Thomsons Online Benefits