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18 November 2010

IMA says single pensions market would benefit savers


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IMA’s Head of Research said that “care must be taken to ensure that regulatory requirements do not damage existing provision. While it is understandable that the Commission seeks robust protection mechanisms for savers, there is no ‘one size fits all’ approach.“


 Responding to the European Commission’s Green Paper on pensions, the Investment Management Association says a single pensions market across Europe would benefit savers, but regulation should not damage existing pension provision.

Jonathan Lipkin, Head of Research at the IMA, commented: “A single European market for pensions is difficult to achieve, but has significant potential benefits for savers. The removal of obstacles to cross-border pension provision and the creation of a pan-European pensions wrapper would facilitate both portability and economies of scale.“

“With regard to Solvency II, it is inappropriate to apply a solvency regime to pension schemes that has been designed for insurance policies. As we move forward, it is essential to recognise that a defined contribution pension is not the ‘poor relation’ of a defined benefit pension. DC pensions can offer significant advantages to savers: a high degree of ownership, transparency and portability.”

Press release




© Investment Management Association (IMA)


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