The Pensions and Lifetime Savings Association (PLSA) has commented on The Purpose of Asset Management paper, published today (Wednesday) by Pension Insurance Corporation.
Caroline Escott, Policy Lead for Investment and Defined Benefit at the Pensions and Lifetime Savings Association, and who contributed a response to the report, commented:
“The Purpose of Asset Management report, sponsored by Pension Insurance Corporation, represents a valuable contribution to the important debate around the objectives of the industry and how well it is structured to deliver for the millions of individuals who depend upon the sector for a decent income in retirement.
“As long-term investors, pension funds have a responsibility to use their influence to ensure an asset management sector which understands not just the role it plays in managing people’s investments but also its long-term impact on society and the economy. Doing so – and being seen to do so – is a vital step to boosting savers’ trust in the investment industry and a key way to encourage consumer engagement with their pensions.
“We look forward to continuing to work with the industry and policymakers to ensure the asset management sector works effectively and transparently. It’s vital the industry is able to demonstrate that it fulfils a clear purpose if we are to restore people’s trust and confidence in their retirement savings and the wider market.”
NOTES TO EDITORS
The Pensions and Lifetime Savings Association is a member of the Financial Conduct Authority’s Institutional Disclosure Working Group (IDWG), which has been set up to support consistent and standardised disclosure of costs and charges to institutional investors.
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: [email protected]
Eleanor Carric, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446, E: [email protected]