Gravity and Captain Phillips top the US box office

While The Fifth Estate performs worse than hoped.

Gravity, from Children of Men director Alfonso Cuarón was the top release of the past month, grossing over US$426m worldwide (including US$218m in North America) since its 4 October release. The film stars box office heavyweights George Clooney and Sandra Bullock. Bullock plays Dr Ryan Stone, a medical engineer on her first shuttle mission, with veteran astronaut Matt Kowalsky (Clooney). While on a seemingly routine spacewalk, disaster strikes and their shuttle is destroyed, leaving Stone and Kowalsky completely alone in space.

The 2nd biggest release of the month was Captain Phillips, from Green Zone director, Paul Greengrass and starring Tom Hanks. The film is based on the true story of merchant mariner Richard Phillips, who was taken hostage by Somali Pirates during the Maersk Alabama hijacking in 2009.

Since its 11 October release the film has grossed US$125m worldwide - of which US$82m was in North America alone. Overseas receipts are expected to improve significantly going forward as the film is yet to be released in a number of locations and should reach over US$200m worldwide by closing.

The much awaited Sylvester Stallone and Arnold Schwarzenegger prison film Escape Plan also opened this month and has performed relatively well at the international box office, grossing over US$50m worldwide since its 18 October release.

The film stars Schwarzenegger and Stallone as inmates who try to escape from a maximum security hi-tech prison. We expect the film to end off at around US$100m total worldwide gross, more than covering the film’s US$50m budget. This return is significantly healthier than the two last films from either of these two actors: Stallone’s Bullet to the Head grossed only US$22m off a budget of US$55m whilst Schwarzenegger’s The Last Stand grossed U$37m off a budget of US$30m.

Other major October releases included Runner Runner, Machete Kills and The Fifth Estate.

The Fifth Estate tells the story of Julian Assange. Despite a fair amount of hype, the film has performed poorly so far, earning only US$6m worldwide off a budget of US$28m since its 18 October release.

Friends reunited: Arnold Schwarzenegger and Sylvester Stallone in "Escape Plan".

Andrew Amoils is a writer for WealthInsight

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: products-and-investments/ pensions/pensions2015/