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Artificially depressed interest rates drive up DB deficits and depress annuities but the pressure on life companies and pension schemes to adopt Solvency II recedes as the UK  distances itself from Brussels.

The price of the settlement on public sector pensions is later state retirement ages for everyone.

NEST‘s first complete year of trading finds it running  behind projected revenues ;- other mastertrusts and lower cost personal pensions make it redundant. Pressure mounts for its shackles to be broken before 2017.

Steve Webb tells sponsors they must offer advice not cash to incentivise PIEs and ETVs. Many IFAs facing the RDR turn  to advising on “at retirement” issues.

Old world equity markets struggle as national debt subdues demand – the BRICs give what investment growth there is.  Hedge Funds suffer as their pricing structures come under scrutiny.

Finally 2012 sees pressure mount to find ways to risk-share in DC with the focus firmly on collective decumulation.

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