Opinion Former Article

ABI: Personal accounts charging structure must be fair and sustainable says the ABI

Responding to the publication today of the Personal Accounts Delivery Authority (PADA) summary of possible charging structures for personal accounts, Helen White, the ABI's Assistant Director of Retirement Policy, said:

"Fairness and sustainability must be the basis for setting the charging structure for personal accounts. We favour a combined annual management charge and contribution charge, as this will not punish savers with dormant pension accounts, or those who have taken a contributions holiday. Combined charges are widely used in mortgages, mobile phone contracts and bank accounts. They will allow for the for the effective management of the significant set up costs of personal accounts."

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Notes for Editors

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the trade association for Britain's insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk

More Articles by Association of British Insurers (ABI) ...

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