Monday 30 July 2012
IMA’S RESPONSE TO FAIR PENSIONS REPORT
In response to today’s Fair Pensions report – Whose Duty? Ensuring effective stewardship in contract-based pensions – Jonathan Lipkin, IMA’s Associate Director, Pensions and Research, said:
“Good governance is a challenge for the whole pensions industry. Disagreements over the merits of trust-based vs contract-based arrangements focus the debate in the wrong place.
“All workplace pension schemes have significant responsibilities towards their members and these responsibilities are particularly important given the likely dependence of many members on default investment strategies. Governance has therefore been a significant focus in recent years and the IMA has been closely involved.
“The result has been the Investment Governance Group (IGG) DC Principles which establish best practice for both contract and trust-based schemes and are in use right now ahead of automatic enrolment.
“The IMA looks forward to working with other stakeholders in developing the DC Principles further.”
The IGG Principles for defined contribution pension schemes were published in November 2010 to encourage improved investment decision-making and scheme governance by all stakeholders, including trustees, employers, advisers, pension providers and members.
For further information please contact:
Mona Patel, Head of Communications
020 7831 0898 or 07834 089332
Navdeep Sidhu, Press Officer
020 7831 0898 or 07843 517 618
Christina Bridge, Press Assistant
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.