Financial services and pensions

Pensions were back in the news pages earlier this month following the inclusion in the Queen’s Speech of a Pensions Bill, which will overhaul the UK state pension system, including increasing the state pension age from 65 to 68 by 2046.

Financial services have also been creating a stir, egged on by the Financial Services Authority’s bleak forecast that the new Markets in Financial Instruments Directive (Mifid), which is designed to create a single Europe-wide market, could cost the UK’s financial services industry up to £1.17bn.

This Financial Services and Pensions Special Report reviews the implications of Mifid, as well as the confusion created by age regulations within the pensions sector. It also examines whether the increase in public sector outsourcing may yet prove to be the saving grace of defined contribution pension schemes.