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Pima presses for Isa links

Pima wants personal accounts to be linked to Isas to create a more flexible approach to long-term saving.

It says a percentage of money in personal accounts should be allowed to be filtered into Isas and believes the move would put consumer demands and real life needs at the heart of pension reform by harnessing the popularity of Isas.

It says the “artificial” distinction between medium and long-term savings should be scrapped and the Government should build on the work of the savings and retirement account, proposed in the past by the Tories, as a way of increasing flexible saving.

Pima says a savings framework which allows for a seamless transition from child trust fund to Isa to pension/pers- onal accounts is required.

The Government is due to publish its Isa review this year, with expectations that the regime will continue as it is.

Director-general Tony Vine-Lott says: “Pima believes linking child trust funds and Isas directly to pensions and personal accounts will create a system that reflect consumers’ own thinking on savings,

“We have long supported a flexible, transparent savings mechanism for pensions, something that personal accounts may achieve if developed in consultation with those groups who serve and represent consumers.”

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