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PIMA says Turner Report could widen pension provider options

November 3, 2005

PIMA welcomes today’s Turner Commission Report which should allow consumers more choice in their retirement income options.

The Pensions Commission has outlined a more flexible savings approach which PIMA believes could lead towards greater saving levels.

PIMA welcomes Turner’s plans to:

• Create a new National Pensions Savings Scheme (NPSS) which should help to widen the provider pool

• Encourage workplace saving by auto enrolment – which might also be applied to a SaRA or Workplace ISA

• Plans to simplify state provision

[b]Commenting on the Turner Report, PIMA Director General, Tony Vine-Lott said:[/b]

[i]‘PIMA believes the Turner report should provide a stimulus to policymaker thinking to simplify savings and to widen choice in retirement income provision.

We believe his plans for auto-enrolment should also consider a Workplace ISA and our own detailed policy work on the development of the Savings and Retirement Account would fit perfectly into the plans for a national savings scheme.’[/i]

PIMA has been in detailed discussion with Government and wider policymakers to develop the SaRA (Savings and Retirement Account). The SaRA has the tax treatment of a pension with the functionality of an ISA. The tax preferred ‘wrapper’ can accommodate any FSA-authorised investment.

Over £180bn has been invested in the flexible ISA savings regime since 1999.

For more information and comment:

Tony Vine-Lott, PIMA
07790 006108

Iain Anderson, Cicero Consulting
020 7665 9532 and 07785 50 7045