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BSA and PIMA welcome Rifkind Bill

PIMA and the BSA have both welcomed Sir Malcolm Rifkinds Private Members Bill aimed at simplifying the pensions system and encouraging more people to save.
PIMA says an important provision of the Bill is the idea long promoted by the body of a savings and retirement account, SaRA, offering the tax treatment of a pension with the functionality of an Isa.
It says the Bill will permit long-term and retirement savings that fit modern lifestyles such as career changes and time out of work.
The BSA also welcomes the SaRA idea of allowing money to be taken out at key stages of life, such as buying a first home. It also supports the Bill for identifying cash as an integral part of the account.
PIMA director general Tony Vine-Lott says: “PIMA believes that the introduction of SaRA in the Rights of Savers Bill introduced to the House of Commons today by Malcolm Rifkind would be a boost for savers in this country.”
BSA director general Adrian Coles says: “Current pension rules act as a disincentive for many to save, in that people dislike seeing their savings tied up until they retire. The proposals within the Rights of Savers Bill begin to address this issue, giving individuals flexibility to withdraw money at times when it is most needed.”


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