The government’s decision to backdate entry to the pensions protection fund (PPF) is pushing some firms into administration according to a leading pensions lawyer.

The Employer Task Force (ETF), chaired by former man from the Pru, Sir Peter Davis, has given the strongest indication yet that

Does the pensions act do anything to encourage new final salary schemes, or to encourage existing ones to remain open for new entrants? The only new defined benefit scheme in sight is the one for employees of the PPF, says Nigel Waterson

The debate at a recent PM hosted, Axa-sponsored roundtable discussion grappled with the thorny issues of compulsion, consumer trust and advice.

Bramdean Asset Management, a new multi-manager and fund management consultancy business led by Nicola Horlick, launches this month.

I was reading that book, the Da Vinci Code, the other day, while I was stuck in another airport somewhere. Just for something to do really.

The government plans to switch civil service pensions from a final salary to a career average basis and to reduce age discrimination in the workplace have met with a mixed reception.

The April 2006 introduction of alternatively secured pensions (ASP), as an alternative to annuity purchase for individuals aged 75 or over, is being seen a significant boost to the Sipp (self-invested personal pension) market ahead of A-day.

Actuarial consultancy Punter Southall is advising companies, individuals and trustees to take a holistic approach to A-day planning.

Abbey for Intermediaries has launched a pension simplification toolkit on CD aimed at helping independent financial advisers (IFAs) prepare for pensions simplification.

Responsibility for whistle blowing to the new pensions regulator (TPR) under the Pensions Act 2004 could be greatly extended under proposals in a draft code of practice issued by Opra.

A lack of fully integrated pension facilities and uncertainty over investment will hinder the growth of wrap accounts ahead of A-day, according to a new report from financial research company, Defaqto.

This is the first in a series of monthly articles to take you through the period between now and the implementation of the simplification proposals. Each month we’ll be highlighting some of the things you should be thinking about in the lead up to April 2006.

With a general election anticipated in May, PM asks the leading political and industry representatives to speak about their policies. In the first of this series, Steve Webb MP, Liberal Democrat spokesman on work and pensions, talks to Pádraig Floyd about what he believes will be the major issues

Evidence in the marketplace suggests that there are examples where outsourcing has not delivered the service expected. Why is this and what can be done to ensure that expectations are correctly set, met or exceeded, asks Fergus Clarke

When looking at investment strategies, most defined benefit schemes have shifted their attention to the liability side of the balance sheet over recent years. Trustees are realising that failing to match liabilities with appropriate assets poses as great a risk as the possible underperformance of those assets.

The following pages will take a look at some of the issues that will be cropping up over the next 12 months.

Overall, we are all desperate for stability. In the past all the parties recognised the fact that a solid base is needed but currently all the parties are determined to tear apart the pensions legislation.

There are big changes ahead for local government schemes.

The main issues to affect schemes will be the implementation of the Pensions Act and the new Inland Revenue rules. The new Revenue upper limit is going to be a far bigger issue than many people have anticipated.

We need to have some sanity restored. As a profession we deal with things very well and we react to things very well, but we can only take so much. It is going to take some time for the implications of the Pensions Act to be fully appreciated as there is still a lot of detail missing and only time will tell what this will mean for a firm’s three- and five-year plan. At the moment we can’t say what the three-month plan is.

Robert Burns is closely associated with the start of each year for the commemoration of his birth and of course the transition into the year with the ritual singin of Auld Lang Syne.

After positive real returns in most asset classes in 2004, the investment environment will become more challenging in 2005.

Using swap overlays to bond portfolios to achieve close liability matching without foregoing all potential for return over gilts is now a familiar idea.

How would you characterise the macro outlook going into 2005?

The coming year is going to be a busy one for anyone involved in pensions regulation.

Under the terms of the new pensions act, life will get tougher for trustees. They will be expected to have a knowledge of trust law and of investment matters.

We will get answers in 2005 to some of the big questions in pensions, including:

As a child I was often told to be careful for what I wished as it might come true. With this in mind, I have sought to keep my list of wishes for 2005 relatively modest (well at least I think they are modest).

As we enter a new year, the pensions juggernaut – I use this term advisedly – continues at full tilt.

The second report of the Pensions Commission will almost certainly be the biggest pensions event of 2005, when the commission will lay out its vision for reform of the UK’s faltering pensions system.

I fully expect pensions to be a key electoral battleground this year. In a way, this is welcome – it’s high time policy makers got to grips with the weaknesses in our pensions system, and with the need for fundamental long-term reform.

The state pension system must be reformed, to stop it undermining private provision. The means-tested pension credit makes pensions unsuitable investments for most people.

During the next year a key focus for pensions managers and administrators will be simplification. In parallel, many pensions departments will be implementing web-based solutions to help improve member awareness and knowledge of their pension arrangements and investment strategies – particularly important for defined contribution scheme members.

The trouble with pensions is that it is swamped with regulation. When that regulation is altered, as we are going to see with simplification, there is change, and a good deal of it.

The biggest issue facing pensions software suppliers in 2005 will continue to be simplification. Proactive suppliers will help minimise its impact and well-designed software will cut through the complexities, making any necessary changes simple to implement.

The appointment of an administrator should be all about making life easier for clients and their staff. 2005 onwards brings enormous challenges for administrators and clients. New legislation planned, and the requirement for administrators to be authorised by the FSA, has created change at an unprecedented rate.

If anyone told you that 2005 will be easy for financial advisers, you’d be well within your rights to advise them they need their head examined.

Although I was never a boy scout, I still recognise the importance of their motto ‘be prepared’; this has never been more apt as –‑from 1 January – we have only 486 days to A-day.

2005 is likely to be a landmark year. With the dawn of depolarisation, intermediaries will be looking for the most appropriate business model to meet their own business needs and, more fundamentally, the needs of their clients.

Depolarisation is with us but it is something the consumer is going to realise that they can well do without.

The importance of closed funds and their share of the overall market has never been greater. Roger Cuming looks at the effect on investment strategies and the impact on policyholders

Pensions administration businesses will need to undergo huge changes in their corporate culture, switching from thinking in terms of transactions to concentrate on building and maintaining successful relationships and offering excellent service, says Paul Bingham

If 2003 was a bumper year for the manager-of-managers (MoM) business, then 2004 was a vintage year. The slow-burning fuse that is a familiar feature of many developments associated with institutional pensions industry, has been smouldering for a while now, but it is now showing signs of igniting.

Nigel Aston argues that we have much to learn from our Australian cousins, but perhaps it’s how not to do it

A wealth of research has been carried out in a field called behavioural economics, much of which focuses on how financial decisions are made by non-professionals, says Raj Mody

Mark Alexander looks at how the decision to close the DB scheme might affect the future for one company

Whatever its sector, every business knows that it must incorporate and manage change in order to succeed – but it is still one of the biggest challenges facing any organisation, says Eric Wilton

The source of Bueller’s ire, while in France with Patterson of MegaLaw, was the changes to TUPE, which the government intended to introduce as part of the new pensions act in April 2005, reports Neil Smith

Pension schemes are looking to their custodian for assistance with risk management and corporate governance issues and to provide a formal assessment of the benefits of their own activity, says Benjie Fraser

Many retirees are convinced that deferring their pension is the best move, if they do not need it when they retire. But in doing so they are often making a mistake, says Stuart Bayliss

As a result of two sets of employer consultation requirements and the revised section 67, employers will have to consider a number of different processes if they are thinking of making changes to their pension arrangements, say Jay Doraisamy and Chris Jackson

Hideto Yamamoto looks at the historic relationship between Japanese banks and stock markets and how the events of the past five years have helped to shape the future of the banking sector

Paul Kelly has been appointed as senior consultant to Towers Perrin’s Global Consulting Group (GCG).

Based in London, the former director of pensions for Vodafone will be responsible for advising multinational companies on issues such as pensions, employee benefits and the implications of M&A in these areas.

The Association of Independent Financial Advisors (AIFA) has revealed that David Severn is to be the organisation’s next director general, taking over from Paul Smee who departed last month.

David Norgrove has been appointed as the first chairman of the new pensions regulator.