Top 20 news stories in 2014. Numbers 11-20

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In the first part of our run down of the top 20 news stories of 2014 we present numbers 11-20.

11. JLT Employee Benefits buys Ensign Pensions Administration from MNOPF
One of the big acquisitions of the year happened in March when JLT Employee Benefits (JLTEB) bought Ensign Pensions Administration from the Merchant Navy Officers Pension Fund.

Ensign employed over 250 staff in Birmingham and Leatherhead. These offices were incorporated into JLT EB's existing network.

12. Treasury confirms overhaul of the pension tax free lump sum rules
Under current rules, from the age of 55 people can take 25% of pension savings as a tax-free lump sum.

But, as announced at Budget 2014, in future savers will be able to dip into their pension pot when they want, and each time 25% of what they take out will be tax-free.

13. MyCSP blames Capita backlog for payment delays; Capita rejects accusations
MyCSP problems with delayed payments has caused untold problems with many retirees facing long delays in receiving their pension.

This is an issue that has yet to be resolved with many retirees taking to Twitter to vent their frustration.

14. Pension Master Trusts: The definitive list of providers
The master trust market has grown exponentially since auto-enrolment. Here PP attempts to put together a definitive list of providers.

15. ICI Pension Fund trustees agree £3.6bn buy-in with L&G and Prudential
In a bumper year for the de-risking market the ICI Pension Scheme announced not one but two buy-ins with Legal & General and Prudential. The deal with L&G covered £3bn of the liabilities.

16. Budget 2014: Removal of restrictions on pension access will net government £1.2bn a year by 2019.
Who said that George Osborne's decision to grant unprecedented access to their pension pots was a selfless act? Not us! In this story we show just how much the Treasury's coffers are set to benefit from the change.

17. Queen's speech confirms commitment to annuity overhaul and collective defined contribution
Many believed the Budget changes had left Steve Webb's idea for collective defined contribution (CDC) dead in the water. However, he doesn't seem to think this way and the Queen's speech paved the way for employers to set up CDC schemes.

18. Judge criticises BA for exposing trustees to court costs
A High Court judge criticised British Airways (BA) for leaving the trustees of its pension scheme at risk of bearing the defence costs of an ongoing court case.

The company launched a lawsuit against the 12 trustees for increasing payments to its 29,000 members after the fund was linked to the lower consumer prices index rather than the retail prices index.

High Court chancellor Sir Terence Etherton said it was "entirely unrealistic and unreasonable" to expect the trustees to have no protection against risk of having to pay the defence costs. He said the costs could be paid out of the scheme's assets instead.

19. Australia consults on introduction of compulsory annuitisation
For years the UK has held up Australia as a model of good pension engagement. So when we found it was looking into the introduction of compulsory annuitisation it made us wonder whether the incoming Budget freedoms are really the right way to go.

20. Tax reliefs for over 55s to be restricted
In July the government announced it was set to restrict pensions tax relief for the over 55s in a bid to stop the "exploitation" of new tax freedoms.

HM Treasury said that, in order to make sure these new freedoms are not "exploited" by individuals over the age of 55 diverting their salary into their pension and taking it out immediately to avoid National Insurance Contributions and tax on their employment income, the government will restrict the right of those who take a pension to receive tax relief on further contributions.

 

Top 20 news stories in 2014. Number 1-10

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