3. More posers on pensions

Defined benefit schemes are on the way out, but one unknown is EU legislation, currently being considered, which would force DB schemes to adopt a version of Solvency II and set aside reserves to fund their schemes. "The reserves would be particularly onerous for funds with indexed pay-outs - capital would have to account for potential increased pay-outs in the future, requiring insight into gilt yield trends and inflation," points out Penny Frohling, a partner at consultancy A T Kearney. "If this is enacted, it will be the final nail in the coffin of DB schemes for new members."

4. National insurance also on the rise

From 1 April 2011 -- and by one per cent of pay. "While this increased cost is unavoidable in the main, FDs who have not yet explored salary sacrifice in favour of pension contributions might want to seriously consider this arrangement," argues Clive Fortes, head of corporate consulting at Hymans Robertson, a firm of consultants and actuaries that provides services to pension schemes.

"Putting in place a salary sacrifice arrangement is becoming a commodity service with a payback typically measured in months rather than years."