Investment

Most contributors thought the failure of the Wheels test case would not have a big impact in schemes. The bid to secure tax relief on VAT paid on investment management charges was rejected by the European Courts of Justice earlier this month.

Pensions minister Steve Webb has said the abolition of contracting out, brought forward to 2016, does not mean defined ambition proposals must be finished earlier.

The industry has called on pensions minister Steve Webb to publish guidance on defined ambition schemes as the abolition of contracting out has been moved from 2017 to 2016.

The government will issue less debt this year but increase the percentage of index-linked gilts it auctions at the expense of short-dated conventional gilts.

The government has commissioned the Government Actuary's Department to review income drawdown tables.

The government has announced plans to put UK asset managers at the forefront of its mission to kickstart the economy, saying "opportunities abound" for the sector.

The Chancellor has revealed plans to remove stamp duty on AIM shares, as part of the 2013 Budget.

George Osborne has announced planned legislation to improve investment in energy infrastructure projects.

The Pension Protection Fund has changed its guidance on certifying contingent assets to increase the value placed on employer guarantees in last man standing schemes.

The Church of England has warned clergy they will "likely" face higher diocesan pension contributions following an increase in the scheme deficit at the latest valuation.