Over the past couple of years, the pensions buyout market has developed enormously. From a duopoly of L&G and Prudential, there was a torrent of new entrants to the traditional buyout market from 2004 to 2007. The financial crisis and concerns over how Solvency II might be implemented have led quite a few of these players to bow out. However, in their place have risen a number of derisking options.

The BP oil spill, already proving influential in environmental, social, industrial and political spheres, also seems set to be a turning point for sustainable investing.

Until now, the Pensions Regulator has used its moral hazard powers sparingly.  It first exercised them in 2007, by seeking to impose a Financial Support Direction (FSD) against Sea Containers, a Bermudan company that had filed for Chapter 11 bankruptcy protection in the US.

The Budget of April 22, 2009 introduced fundamental changes to pension legislation. Chancellor Alistair Darling announced that from April 6, 2011 income tax relief on pension contributions will be restricted for those with total income (relevant income) of more than £150,000 per annum.