30 April 2009
The Investment Management Association (IMA) has backed calls for
increased flexibility in the pension system.
Responding to a paper published earlier this week by the
Pensions Policy Institute (PPI), Richard Saunders, Chief Executive
of Investment Management Association, said:
"The findings from the PPI's important and authoritative report
underline the need for a more flexible approach to retirement
income. The current rule of compulsory annuitisation at age 75 acts
as a barrier to diversification, inhibiting choice and product
innovation. The Government needs to allow more choice and
flexibility to be offered to consumers so they can make optimum use
of their retirement savings."
The PPI report in question is titled "Retirement income and
assets: do pensioners have sufficient income to meet their needs?".
It is a report investigating the use of different types of income
and assets by pensioners meet their retirement needs, and whether
UK pensioners have enough income to meet their income needs and
expectations. The full report can be found here:
PPI Research Paper
