- Pension savers are freed to take their entire pot as cash from April 2015, the Chancellor confirms in his 2014 Budget – revolutionising pension saving by moving it from an income-based to a fund-based benefit for many savers.
- Pensions minister Steve Webb proposes a secondary market for annuities, to allow people with annuities to enjoy the same pension freedoms as those in DB and DC schemes.
- Government confirms it will not write to individuals app-roaching retirement to tell them their likely state pension but will instead facilitate them receiving a forecast on demand.
- Hymans Robertson calculates that pensions minister Steve Webb and prime minister David Cameron will both receive £37 a week more in state pension, worth £50,000, from the switch to a single-tier pension, while a contracted-in worker of the same age earning £14,000 a year will get around £26 a week less, costing £35,000 to replace.
- Scotland votes by 55.3 per cent to 44.7 per cent to remain part of the United Kingdom in a hard-fought referendum.
- Australia consults on forcing people to convert all or part of their superannuation benefits into an income stream after research finds a quarter of retirees have spent it all by age 70.
- Legal & General quits the ABI.
- AllianceBernstein’s Retirement Bridge becomes the first provider work-thru-retirement default proposition.
- Corporate advisers polled at the CA Summit predict a £2bn loss in 2015/16 caused by over-55s flushing salary through pension.
- PruHealth and PruProtect rebrand as Vitality.
“If I am the head of legal at a US asset manager, it is going to be pretty hard for me to explain why, in the case of our UK institutional client, we give them certain advantages that we do not allow our US clients to have. In a US context that is called ‘looking for trouble’.” Frost Consulting principal Neil Scarth
Firm of the year: Lorica Employee Benefits