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Press Release

Wednesday 12 May

IMA WELCOMES PROMISES OF ANNUITY REFORM AND FINANCIAL STABILITY -CALLS FOR PROACTIVE AND CONSTRUCTIVE APPROACH TO EU REGULATION

Richard Saunders, Chief Executive, at the Investment Management Association said:

"We welcome the commitment to annuity reform.   As individuals assume greater responsibility for pension saving, and the retirement age is increased, so the rules around retirement income need to be modernised. In the future, people will need more flexibility to reflect their own needs and circumstances.

"We also urge the Government to press ahead with the 2012 reforms on schedule.  Auto-enrolment provides a significant opportunity to address the key challenge of under-saving for retirement.

"The commitment to reducing risk in the banking system is very welcome and we look forward to engaging with the proposed independent commission reviewing the structure of the banking system.  We will also examine closely the proposals for a banking levy and on bonuses to ensure that they are effectively targeted.

"Above all, the commitment to be a positive participant in the European Union is critical.  With an extensive programme of legislation now being planned in Brussels, we need a Government that engages early and constructively to ensure that new regulations work to the benefit of Europe's millions of long term savers".

- Ends -

For further information, please contact:
Michele Lunt, Press Officer, IMA, 020 7831 0898
Ginny Broad, Head of Communications, IMA, 020 7831 0898 or 07834 089332
Email:
press@investmentuk.org

About the Investment Management Association
The IMA is the trade body for the UK's £3 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 it to represent the industry and promote high standards.
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