JPMorgan and Royal Bank of Scotland are working to offer members of their defined contribution schemes flexibility in how they access their retirement savings, in light of the Budget reforms.

Islington Council's pension fund plans to reduce its allocation to equities and diversify further into alternatives, in a stated desire to gain greater and more stable returns.

Kingfisher Pension Scheme is planning to review member outcomes as it looks to make sure its default fund fits with the greater at-retirement flexibility opened up by the Budget.

The amount of scheme liabilities underwritten by insurers is expected to reach a record high this year as buy-ins become more affordable and scheme confidence grows, derisking consultants have said.

Legal experts have called for a statutory override in scheme rules to avoid members getting more benefits than originally intended from bridging pensions, as the industry approaches the switch to a single-tier state pension in 2016.

BAA Pension Scheme has allocated £100m to long-lease property, as defined benefit schemes continue to invest in the asset class to act as a long-dated inflation hedge, consultants have said.

Shell has gone above the legal minimum to guarantee same-sex married couples equal spousal benefits in its defined benefit pension fund, while other schemes have maintained a tiered benefit for same-sex partners.