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Press Release

Monday 16 July 2012

Yet more irresponsible scaremongering on pensions – this time from the politicians

Responding to Ed Miliband’s comments on pensions, Richard Saunders, Chief Executive of the Investment Management Association, said:

“It is disappointing that the Labour party have jumped on the “rip-off pensions” bandwagon.  We are on the brink of a seminal pensions reform – automatic enrolment - which will give millions of low paid workers the opportunity to save for retirement.  It is irresponsible to undermine this reform through damaging and highly misleading statements about pensions.   

“One of the accusations is that undisclosed costs are eating into investor returns.  IMA research shows no signs of investors losing out from the impact of these transaction costs.

“We fundamentally believe that fund charges are already fully transparent but also agree that investors have a right to know the levels of transaction costs on their funds.  We have recently published draft proposals which aim to provide end investors with improved and consistent explanations of costs and charges.  The proposals tackle the issue of disclosing transaction costs in what we consider to be a helpful and meaningful way.”

-ENDS-

For further information please contact:

Mona Patel, Head of Communications
mpatel@investmentuk.org  
020 7831 0898 or 07834 089332

Christina Bridge, Press Assistant
cbridge@investmentuk.org
020 7831 0898

About the Investment Management Association:

  • The IMA is the trade body for the UK's £3.9 trillion asset management industry (retail and institutional) which is one of the world's leading investment management centres.
  • Our role is to represent the interests of the asset management industry to government and regulators both in the UK and internationally.
  • The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.

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