UK - New proposals that allow asset managers to set up non-occupational registered pensions schemes next year will level the playing field between the various financial services firms, said Investment Management Association (IMA) chief executive Richard Saunders.
The current law only allows CIS operators, banks and insurance companies to establish such schemes, but that is set to change for asset managers, fund supermarkets and wrap providers in April next year. Saunders said: “ We are pleased that the government has chosen to level the playing field and allow asset managers and fund platforms to establish pension schemes directly without setting up life company vehicles.”
Saunders added it was “a shame” the new regulated activity would not be established when the A-day changes came into force next month.
Following a consultation last year, the government decided to introduce a new FSA regulated activity of establishing, operating or winding up a personal pension scheme. This would then become the basis on which persons were eligible under tax law to establish non-occupational registered pension schemes.
The government’s proposals will require the FSA to carry out its own consultation on the detailed implementation of the new regulated activity and changes to its rulebook, which would delay the change until at least April 2007.
By Damian Clarkson
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