IMA supports personal accounts initiative

The paper seeks to address claims that seven million people are not saving enough for retirement. Proposals include automatic enrolment of all eligible employees into either a personal account or employee-sponsored scheme. Minimum employer contributions with the additional benefit of tax relief are to be incorporated to combat the prevalent inertia towards saving. The IMA has praised the Pensions Commission’s blueprint as ‘the right approach to the question of retirement provision’. However the trade body was quick to stress that ‘maximum simplicity’ and ‘a robust governance s...