IMA OUTLINES CHALLENGES FOR UPCOMING PENSIONS BILL

Responding to the announcement in the Queen's speech that a Bill will be published to place a duty on every employer to contribute to good quality workplace pensions for their employers, Richard Saunders, Chief Executive of IMA said:

" This Pensions Bill represents the next important step in making Personal Accounts a reality for the millions of people who are currently not saving enough for their retirement. 

Now that the Delivery Authority has been set up to provide an independent and accountable governance structure the next challenge will be to design the framework for personal accounts in such a way as to provide maximum simplicity for employers and employees alike and to allow the expertise of the private sector to be harnessed in a competitive manner to deliver an efficient, low-cost, long-term savings vehicle for the target market."

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About IMA
The IMA is the trade body for the UK's £3,100 billion 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, Communications Officer, IMA, 020 7831 0898
Mona Patel, Head of Communications, IMA, 020 7831 0898

Out of hours:
Mona Patel, Head of Communications, IMA, 07834 089 332