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PIMA calls for Turner to look at Workplace Isa

PIMA believes the Turner Commission Report will allow consumers more choice in their retirement income options but would like to see a workplace Isa as part of plans to encourage workplace saving through auto-enrolment.

PIMA welcomes plans to simplify state provision and the flexible savings approach outlined by the Commission as this could lead to greater levels of saving. PIMA also thinks the creation of a National Pensions Saving Scheme will help widen the provider pool.

However, it suggests that auto-enrolment might also be applied to the concept of a Workplace Isa or Savings and Retirement Account. PIMA has been in discussion with the Government and wider policymakers to develop the savings and retirement account. This wrapper could contain any FSA-authorised investment and would have the tax treatment of a pension with the functionality of an Isa

PIMA director general Tony Vine-Lott says: “We believe plans for auto-enrolment should also consider a Workplace Isa and our own detailed policy work on the development of the Savings and Retirement Account would fit perfectly into the plans for a National Savings Scheme.”


Out of step

A surviving spouse considers a claim to the court for financial provision

Sipps set to usurp equity release

Sipps will end up in direct competition with equity release after A-Day and could be a more efficient vehicle to unlock the value of property. By using a Sipp in conjunction with a discounted gift trust, a parent could pass a property on to their child while at the same time releasing equ-ity, minimising IHT […]

NAPF says benefits reduced for millions

The NAPF says Turner’s proposals are timid and will lead to a reduction in pension benefits for millions. It says the two-tier system will delay simplif-ication for up to 25 years.


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