The UK’s life insurers are responsible for around £150 billion in corporate pensions money but, from next March, the way they invest it will have to change.

As a result of UK Chancellor George Osborne's radical changes to pensions taxation in his Budget this year, the likes of Aegon, Aviva, Legal & General, Friends Life, Royal London, Scottish Widows and Standard Life are having to rethink their entire pensions businesses - with new rules on governance, a charge cap and a review of older legacy schemes, all due for implementation by next April.