TISA forges ahead with its new Pension Risk Transfer market Advisory Council
TISA – the Tax Incentivised Saving Association – has responded quickly to the fast accelerating needs of the Pension Risk Transfer market by establishing a new Advisory Council to represent it. A plenary meeting to select its final membership will be held in central London on Tuesday 15 July.
Pension transfer or ‘buyout’ business is already significant. A report* in May highlighted that £4.1bn business was written in the half year ending 31 March 2008 and predicted that the market is on target to exceed £10bn this year.
Malcolm Small, Director of Portfolio and Retirement Planning at TISA, commented:
"TISA has been swift to recognise the tremendous importance of this emerging market for the future of UK pensions. There is a clear need for a representative ‘home’ for the widest range of approaches and solutions available.
“While in many cases such transfers can be highly beneficial for members of the pension scheme, it is however a new method of removing pension funding risk from a company’s balance sheet and as such, still uncharted waters. Government and regulators therefore have to be kept informed so that they are in a position to understand fully the implications of this market for consumers and the wider financial services industry.”
He added:
"There is a keen appetite for the establishment of this body and we have already had an initial scoping meeting with providers and advisers in the pension risk transfer market to confirm the key issues. We can now move to formal establishment of the Advisory Council. Others operating, advising or supplying in this market should get in touch."
TISA Advisory Councils are centres of expertise that bring senior industry figures together to debate and formulate responses to topical financial services issues. The Councils enable TISA to inform, and participate in, engagement with HM Government, civil servants, interest groups and regulators on behalf of the industry.
There are currently six Advisory Councils: Cash Savings, Childrens’ Savings, Distribution, Investment Savings, Retirement Planning and Wraps.
Ends
For further information, please contact: Malcolm Small, Director, Tisa – Mobile: 07989 500771
Tony Vine-Lott, Director General, TISA – Tel: 01372 374728, Mobile: 07790 006108 Email: tony.vine-lott@tisa.uk.com
Steve Radford, Cauldron Consulting – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Or visit: TISA’s website: www.tisa.uk.com
Notes to Editors:
* Extract from “Pension Buyouts 2008” a report by Lane Clark and Peacock LLP.
TISA is the leading trade association in the UK savings and retail investment industry. It supports the interests of consumers across the broad range of government approved savings and investment vehicles, including Individual Savings Accounts (ISAs), Child Trust Funds, Savings Gateway and Personal Pensions. TISA also represents the interests of over 120 firms involved in the supply, administration or distribution of products to savers and investors.