Some 101 days ago everything was up in the air. A Lib-Lab coalition seemed as likely as a deal between the Conservatives and the Liberal Democrats. Indeed, in terms of political sensibilities, a union with Labour would have appealed to the Lib Dem grass roots.
However, on 11 May the ‘new politics' emerged, with Dave and Nick jovially patting each other on the back as they entered No. 10 for the first time. Their first 100 days in power would be critical in defining the future success of the coalition, industry commentators said.
Here, in no particular order, we take a look how the pensions world has changed since the coalition took power.
A new pensions minister
On 14 May, after a day of furious speculation, outspoken Liberal Democrat pensions spokesman Steve Webb was handed the pensions brief in the coalition - reporting to Tory Secretary of State Iain Duncan Smith.
The MP for Thornbury and Yate, a former professor of social policy at Bath University, subsequently told PP it was his "dream job". He certainly didn't waste time putting his stamp on the position...
Re-linking state pension increases to earnings: the ‘triple-lock'
In the 22 June emergency budget, Chancellor George Osborne confirmed the coalition's intention to restore the basic state pension with the earnings link from April next year, either in-line with earnings, prices or 2.5% - whichever is greater.
The commitment - confirmed in the coalition document - garnered favour from both parties, as well as the pensions industry.
Accelerated increase in State Pension Age: consultation
Osborne followed with a statement on the State Pension Age - revealing plans to accelerate Labour's planned increase to 66.
Osborne said this will ensure "pensioners can save with confidence".
However, EEF head of employment policy David Yeandle claimed the cost of the ‘triple lock' was probably one of the reasons the government had decided to consult on accelerating the planned move in state pension age from 65 to 66.
Responses to the consultation have generally supported increasing the SPA, with the Confederation for British Industry calling for an increase to 70 "by the 2030's".
Removal of compulsory annuitisation: consultation
In a document published alongside the Emergency Budget, the government said it would scrap the so-called age 75 rule from April 2011 (PP Online, 22 June).
The change is designed to give people greater freedom to choose their own savings route by using the Open Market Option (OMO) if they want to.
A consultation on the details of the change was launched on 14 July, with the Association of British Insurers urging government to ensure reform doesn't undermine the annuity sector (PP Online, 13 July).
Scrapping the Default Retirement Age: consultation
While the coalition is consulting on this, the position is clear - DRA will go and, in the Chancellor's own words, "quickly" (PP Online, 23 June).
The consultation, which remains open until October, is likely to receive a mixed response from the industry. While many praised the move initially, businesses argue that the DRA provides a valuable mechanism for employers, offering an opportunity to remove ageing employees without the threat of costly litigation.
This problem is particularly acute in the manufacturing sector, EEF's Yeandle argued.
Independent public sector pensions commission
An independent body - chaired by former Labour man Lord John Hutton - will review the politically sensitive area of public sector pensions reform (PP Online, 12 May).
The Conservative manifesto had pledged to cap public sector pensions above £50,000 while the Liberal Democrats' manifesto promised to reform public sector pensions to ensure that they were sustainable and affordable for the long term - with an independent review to agree a settlement that is "fair for all taxpayers as well as for public servants".
Unfunded liabilities are estimated to be close to £1trn, with Liberal Democrat Deputy Prime Minister Nick Clegg calling for reform to "gold plated" provision (PP Online, 15 June).
Higher rate tax relief: consultation
Labour's policy to restrict pension tax relief for higher earners wasn't exactly the most popular within the industry.
So the reaction was positive when Osborne announced that the proposals would be looked at again, with an annual allowance of £30,000 to £45,000 touted by the Treasury as a possible alternative (PP Online, 23 June).
Standard Life senior pensions policy manager Andrew Tully said a lower annual allowance would be an "attractive solution" and would simplify a very complex area.
Auto-enrolment and NEST: an independent review
An independent commission of three independent experts - EEF head of employment policy David Yeandle, Legal & General pensions strategy director Adrian Boulding, and led by Institute for Fiscal Studies research fellow Paul Johnson - is spending three months looking at how to make auto-enrolment work (PP Online, 24 June).
Responses to the call for evidence are in, with the majority supporting auto-enrolment and NEST, suggesting only minor amendments.
The review panel will make its recommendations to Webb next month. The pensions minister has indicated that, while the ultimate decision lies with him, he is likely to accept the panel's findings.
Linking private/public sector pensions increases to the CPI
By far the most controversial proposal so far, linking increases to the Consumer Prices Index has the potential to cut a sizeable chunk from scheme members' retirement pot.
Hymans Robertson head of public sector John Wright described it as a "blunt instrument". Some 10% could potentially disappear from scheme liabilities, but this will ultimately mean less retirement income across the board (PP Online, 23 June).
In the private sector, it is anticipated the move could slash anything from £50bn - £100bn from total liabilities, although strict scheme rules could prevent employers from taking advantage of the change (PP Online, 8 July).
