Personal accounts must focus on target market - ABI

Ahead of the ABI’s meeting with the Commons Pensions Bill Committee this afternoon, the association says the Government must commit to a transfer and annual contribution limit to complement rather than compete with existing good group personal pension (GPP) schemes. The ABI says introducing complex additional features such as lump sum contribution facilities to personal accounts would greatly increase the schemes’ operational and behavioural risks. It calls on the Government to remove provisions allowing additional lump sum contributions above the annual contributions cap. A statement fro...