Investment Managers Association calls for single pensions market

Thu, 18 Nov 2010

A single pensions market across Europe would benefit savers, the Investment Management Association (IMA) has claimed.

Despite this assertion, the association said that regulation should not damage existing pension provision.

Jonathan Lipkin, head of research at the IMA, observed that while a single European market for pensions is difficult to achieve, it has significant potential benefits for savers.

"The removal of obstacles to cross-border pension provision and the creation of a pan-European pensions wrapper would facilitate both portability and economies of scale," he remarked.

"For now, though, pension provision remains at a national level. Care must be taken to ensure that regulatory requirements do not damage existing provision."

However, Mr Lipkin insisted that there is no 'one size fits all' approach.

Meanwhile, the Pension Protection Fund revealed recently that defined benefit pension schemes bounced back in October following improved gilt yields.

The UK's 6,653 defined benefit schemes, including final salary pensions, have a collective surplus of £13.5 billion at the end of the month, it said. 
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