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&#39Let Isas take savings lead&#39

Isas should be the central plank of the Government&#39s tax-friendly savings vehicles rather than new concepts which confuse consumers, say fund management chief executives.

At a meeting in Parliament, Inland Revenue director of investment, pensions and savings policy Paula Diggle was told the Government should not introduce new concepts such as individual pension accounts and child trust funds.

Instead, pension Isas, education Isas or healthcare Isas should offer opportunities to save for different events in life.

Autif director general Rich-ard Saunders has written to Treasury economic secretary Ruth Kelly making the same point about IPAs, saying it is the defects in the current rules which has prevented their reaching the market.

In the meeting, Diggle challenged the industry to design products for pensioners buying annuities. She said the Government would never relax the rules so much that people could blow all their pension pot but would be willing to listen if products existed to fill any gap vacated by annuities.

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