PIMA URGES ALL PARTIES TO COMMIT TO SAVERS
FOR IMMEDIATE RELEASE
30 May 2001
|PIMA URGES ALL PARTIES TO COMMIT TO SAVERS:|
Peter Shipp, Chief Executive, PIMA made the following statement:
"PIMA is disappointed with the lack of emphasis on the future of ISAs within all the major parties’ manifestos given the importance of savings and investment to the millions of baby boomer voters. Whilst we welcome the Labour Party’s previously announced commitment to an extension of the £7000 subscription limit until 2006, we believe the opportunity should be taken to commit to keep at least this limit in place for the life of the ISA.
"Each Party claims a commitment to saving, yet PIMA believes there are still further, significant opportunities to improve the attractiveness of ISAs and encourage low and basic rate taxpayers to save for the long term. These opportunities, which PIMA will continue to pursue with the Treasury and Inland Revenue, include greater flexibility on investing cash, including TESSA maturity money and other initiatives to encourage continued saving through PEPs & ISAs, following the removal of the tax credit in 2004.
"We are particularly concerned that no Party has shown any public thought to a replacement for the tax credit. Without the tax credit or suitable alternative, ISAs will become less attractive for millions of savers.
|For further information, please contact:|
| Peter Shipp, Chief Executive
01642 207 207
| Stephanie Barrett / Alistair Kellie
Citigate Dewe Rogerson
020 7638 9571
PIMA was formed in April 1991 as the PEP Managers’ Association (PEPMA). It grew into an active association of registered PEP Managers and third party administrators. To meet the introduction of ISAs and to expand services to member firms, the PEP and ISA Managers’ Association (PIMA) was set up in Autumn 1998. Currently PIMA has 136 members which account for over 70% of total ISA subscriptions.
More information is available at www.pima.co.uk