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Press Release

For immediate release: Tuesday 28 April 2009

FLEXIBILITY AND CHOICE IS KEY FOR RETIREMENT INCOME

Commenting on the Pensions Policy Institute's (PPI) report, published today, ‘Retirement income and assets: do pensioners have sufficient income to meet their needs', Richard Saunders, Chief Executive of Investment Management Association, said:

"The findings from the PPI's important and authoritative report underline the need for a more flexible approach to retirement income. The current rule of compulsory annuitisation at age 75 acts as a barrier to diversification, inhibiting choice and product innovation. The Government needs to allow more choice and flexibility to be offered to consumers so they can make optimum use of their retirement savings."

 A copy of the report can be viewed here.

-ENDS-

Notes to Editor:

  1. Investment Management Association (IMA) is a Sponsor of the PPI's report, ‘Retirement income and assets: do pensioners have sufficient income to meet their needs'. The report is the first in a series of reports looking at the evolution of needs for income during the course of retirement and the roles that different income and assets could play in helping pensioners to meet their needs for retirement income.
  2. The Pensions Policy Institute is an educational charity, which provides non-political, independent comment and analysis on pension policy and retirement income provision in the UK. Its aim is to improve information and understanding about pensions and retirement provision through research and analysis, discussion and publication.
  3. IMA is the trade body for the UK's £3.4 trillion asset management industry. The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs. Its role is to represent the industry and promote high standards.

    For further information, please contact:
    Noreen Shah, Press Officer, IMA, 0207 831 0898
    Mona Patel, Head of Communications, IMA, 07834 089332

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