Yet more irresponsible scaremongering on pensions – this time from the politicians

16 July 2012

Richard Saunders, IMA CEO, said that "it is irresponsible to undermine this reform through damaging and highly misleading statements about pensions".

Responding to Ed Miliband’s comments on pensions, Richard Saunders, Chief Executive of the Investment Management Association, said: “It is disappointing that the Labour party have jumped on the “rip-off pensions” bandwagon. We are on the brink of a seminal pensions reform – automatic enrolment - which will give millions of low-paid workers the opportunity to save for retirement.“

“One of the accusations is that undisclosed costs are eating into investor returns. IMA research shows no signs of investors losing out from the impact of these transaction costs. We fundamentally believe that fund charges are already fully transparent but also agree that investors have a right to know the levels of transaction costs on their funds. We have recently published draft proposals which aim to provide end investors with improved and consistent explanations of costs and charges. The proposals tackle the issue of disclosing transaction costs in what we consider to be a helpful and meaningful way.”

Press release

© IMA