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Press Release

For Immediate Release: Tuesday 9 March 2004

IMA URGES THE GOVERNMENT TO PRESS AHEAD WITH PENSION TAX SIMPLIFICATION

Commenting on the National Audit Office's finding that a relatively small number of people will be affected by the £1.4 million lifetime allowance, Richard Saunders, Chief Executive said,

" The Investment Management Association welcomes the findings of the National Audit Office which confirm that the numbers affected by the £1.4 million lifetime allowance will be modest. In light of the findings the IMA urges the Government to proceed with pensions tax simplification. More than any other proposal currently under discussion, pension tax simplification holds out the prospect for decisive change for the better in the long term savings market and will allow for the development of highly attractive pension products for savers. The issue of the £1.4 million lifetime allowance should not be allowed to get in the way of progress with regard to improved pension products for the vast majority."

-Ends-

For further information, please contact:
Richard Saunders, Chief Executive, IMA, 020 7831 0898
Helen Stephenson, Communications Officer, IMA, 020 7831 0898

Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332

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