Thursday 23 August 2012
IMA response to ABI’s letter on pension charges
Following ABI’s letter on pension charges and costs to the FSA and TPR, Jonathan Lipkin, IMA’s Associate Director of Pension and Research, said:
"Trust and confidence are both pre-requisites for a successful retirement savings culture. The IMA strongly agrees that charge disclosure for savers should be consistent across the pensions landscape. This principle also holds true for other long term investment products and should apply at both UK and European levels. The robust disclosure regime for UCITS investment funds offers a potential template.
“As the IMA's work on enhanced disclosure of costs and charges shows, we also agree that transaction cost information should be more accessible and are committed to achieving this goal. This will take the UK funds industry well beyond existing EU requirements and could be adopted for DC pension schemes.
“With automatic enrolment looming, the pensions industry has both the opportunity and the responsibility to improve disclosure. As part of this, asset managers are already in a position to provide consistent information about the products for which they are responsible. Collectively, we should work to ensure all information for pension savers is meaningful, transparent and consistent."
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.