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Warland rejects unfair advantage claims over IPAs

Autif director general Philip Warland has slammed critics&#39 claims that individual pension accounts give investment houses an unfair advantage and add complexity to the market.

Speaking at a conference in London, Warland said: “The insurance industry really cannot be serious about accusing the IPA of adding complexity when it has turned pension mystification into an art form.”

Warland also hit back at the ABI&#39s criticism of proposed tax breaks for IPAs allowing share transactions to escape stamp duty reserve tax.

He said: “I have seen some comments that this change will go a stage further and tip the balance in favour of this form of pension investment against life companies. I do not see that as a possibility.”

While Warland was largely positive about the proposed format of the IPA, he revealed Autif will be recommending that the Government aban-dons its plans for IPAs to be fully portable.

The Government has touted the transferability of IPA assets between different employers and providers as one of its main benefits.

But Warland said: “For the full transferability to occur, it probably would be necessary to give the IPA a legal form separate from the pension manager or the underlying fund.

“We recommend that this part of the proposals is not carried forward at the present time simply because we do no believe the demand is there yet.”

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