Seasons Greetings from Veasey Associates

Christmas 2014 - Deer by Melissa - Veasey Associates4 December 2014

2014 marked yet another busy year for pensions.

Looking back on the same time last year, it would seem that the macro-economic crystal ball had clouded over. Speculations abounded that the Bank of England would raise interest rates rather sooner than expected – perhaps even Q4 2014; as it turned out, that milestone now appears even further ahead than before.

Investment was again tricky with many key asset classes being seen as rather over-bought. Ironically, the twin stars of 2014 (nominal and index-linked gilts) were probably the most overbought of the lot but that didn’t stop the relentless buying pressure from institutional clients. Where is the poor pension scheme trustee to make some money in 2015?

Possibly the biggest story for 2014 was the revolution in taxation, administration and flexibility for DC pensions arrangements. The industry is looking to the April 2015 watershed and, to large extent, still holding its breath. Can DC schemes transmute themselves into general investment accounts or even enhanced savings accounts? Should they even try?

For this posting and for my e-cards, I’m once again using pictures from my nieces Isabella and Melissa. This design is titled ‘Deer’ and was painted by Melissa. A complete gallery can be found here. We all hope that you enjoy them.

Last year’s gallery can be found here.

I would like to thank clients, friends, contacts and readers for your support during 2013 and look forward to a peaceful and prosperous 2014 for all in the pensions industry.

Have an enjoyable and restful Christmas break !

Martin Veasey

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Author: Martin Veasey
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