A lack of confidence

October 2007 saw the takeover of ABN Amro by a Royal Bank of Scotland consortium. Few would have predicted that within a year almost two thirds of RBS would be owned by us, the UK taxpayers. This is one of the clearest examples of the financial turmoil reaching into every aspect of our lives - who we bank with, how much we can borrow, whether we have a job. Pensions are no exception. The steep market falls in the tumultuous early weeks of October will have seen 20% or more wiped off the value of many defined contribution pension plans. Probably the most significant impact of the current c...