The Association of British Insurers (ABI) and the Investment Management Association (IMA) have written to the Government asking for clarification on personal accounts limits in the Pensions Bill.
Conflicting statements have been made by Pensions Minister James Purnell and Lord MacKenzie, over annual limits for personal accounts schemes. Speaking at the ABI Chairman’s dinner on 4 June, Purnell said: “We are determined that personal accounts will complement rather than replace existing employer schemes. “That’s why we put in an annual limit for individuals in the personal accounts scheme of £3,600. And that’s why we’ve said there will be no transfers to and from existing schemes to personal accounts.” However, Purnell this contradicts a statement made by Lord MacKenzie in the Hous...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
