PIMA WELCOMES LONG TERM FUTURE OF ISAS AND GREATER IPA FLEXIBILITY
PIMA today welcomed the Sandler Review of medium and long-term retail savings. Tony Vine-Lott, Director General of PIMA said:
"PIMA is delighted that the Sandler Report has recognised the value of ISAs. The report clearly states that there should be no large-scale tampering with the ISA regime. It also confirms that ISAs are an established and highly successful feature of the savings landscape – PIMA welcomes this crucial endorsement of the ISA regime."
The Report also recommended a review of the ‘maxi-mini’ distinction within the ISA product, given recent moves towards de-polarisation. Tony Vine-Lott commented:
"We recognise that, given recent indications that the distribution of financial products may be de-polarised, the ‘maxi-mini’ distinction may become obsolete. PIMA will participate fully in any review that ensures the future successful development and improvement of ISAs."
PIMA also welcomed the recommendations for greater Individual Pension Account (IPA) flexibility. Tony Vine-Lott said:
"Sandler recognises that current tax rules create artificial barriers to the provision of pensions by non-life companies. PIMA fully supports this proposal for greater IPA choice of provider and investment vehicle: we believe this is vital for giving consumers a simpler, more transparent choice of pension savings products."