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IMA backs call for greater flexibility

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