This year has been a momentous one for the pensions industry and it can be hard to keep track of everything that happened. Refresh your memory with our pensions timeline for 2014.
April to June
2 April - PP reports The Pension Protection Fund (PPF) could end up facing a multi-million pound loss from UK Coal after the firm revealed it is in need of a bailout to avoid collapse.
Were the firm to collapse it would result in a huge loss for the PPF, which is its biggest creditor, holding a £60m secured loan note and £790m in unsecured loan notes.
It took the stakes as part a restructuring of UK Coal which saw the lifeboat fund take on its 7,000-member scheme in July.
This deal was struck after an earlier restructuring, intended to keep the scheme out of the PPF, failed following a fire at one of UK Coal's three deep mines.
10 April - PP reports a ‘managed closure' of UK Coal following a £10m loan deal with the government will create ‘no further liabilities' for the Pension Protection Fund.
The lifeboat fund said it welcomed the news the government has been able to step in to support UK Coal in an orderly wind-down of its activities.
19 May - PP reports pension industry bodies have expressed "serious concern" over the timing of the defined contribution (DC) charge cap proposed by the Department for Work and Pensions.
In their responses to the Better Workplace Pensions command paper, the National Association of Pension Funds argued the pace of change in DC is "too great to ensure member interests are protected", while the Society of Pension Consultants said uncertainty post-2017 is a major hurdle.
4 June - The government confirms its commitment to overhaul the retirement process and announced new plans to introduce collective defined contribution in the Queen's Speech
9 June - The Total UK Pension Plan has insured £1.6bn of pensioner liabilities with Pension Insurance Corporation in the second largest UK bulk annuity transaction to date.
10 June - Members of the Visteon pension fund accept a £28m settlement with former employer Ford over losses suffered when the scheme entered the Pension Protection Fund.
Scheme members had fought for compensation from Ford after Visteon collapsed with an underfunded pension scheme five years ago.
10 June -The Pensions Regulator publishes a code of practice to help trustees and sponsoring employers of defined benefit (DB) pension schemes to agree funding plans that provide security for retirement savings while enabling employers to invest in sustainable growth.
Entitled Funding Defined Benefits the code is part of a significant change in the regulator's approach to DB schemes, together with the new regulatory strategy and funding policy. It recognises that a strong ongoing employer alongside an appropriate funding plan provides the best support for a well-governed scheme.
