The past few years have witnessed some major changes to the UK pensions landscape. New legislation introduced in April 2006 (A-day) has had particular implications for the insurance-administered occupational pensions sector, removing many of the distinctions between trust-based and contract-based schemes – thus enhancing the attractiveness of the latter to employers.

Yet more change is on the horizon, in the form of personal accounts. While the idea of introducing a national pension savings scheme is viewed as a step in the right direction by pension providers and advisers, there are concerns over how the scheme can be effectively administered within proposed cost limitations and what will be the impact on existing arrangements.