For immediate release: Wednesday 30 November 2005
IMA RESPONDS TO FINDINGS OF TURNER COMMISSION
Responding to today's publication of the Turner Commission's report, Richard Saunders, Chief Executive of the Investment Management Association commented:
"IMA welcomes the publication of the Pension Commission's report. There has been much discussion about the way forward for pensions and this sets out a real foundation for future action.
The National Pension Savings Scheme is a potentially powerful and exciting idea and work is now needed on the detail. If introduced properly the scheme could bring about a real increase in the levels of saving, reaching those who currently do not save for their retirement.
It will be important to ensure that the scheme does not have an adverse impact on the existing savings market. Getting the balance right will be a complex task. It is also crucial that the system does not fall into the trap of complexity with too many administrative options. Otherwise the Commission's aspirations about keeping costs down will not be met. Careful scheme design will be critical. The key message is keep it simple.
The investment management industry has a lot to offer here, and we stand ready to work with the Government in developing and implementing these ideas."
For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898
Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332