Pensions management 'needs to change'
A trade body has described how the investment management industry will need to change as people saving for retirement become more aware of their options.
The Investment Management Association (IMA) said the move from defined contribution pensions to fund-like products means investment management is "no longer hidden" behind a defined benefit pension or within an endowment product.
Instead, IMA's chief executive Richard Saunders, said investment management "is becoming the product."
He believes that as more people take their finances into their own hands, investors will need to be educated on the consequences both of not saving enough and risking too much.
Earlier in the month Mr Saunders responded to the Personal Accounts Delivery Authority's (PADA) paper on personal accounts, calling for a more flexible regulatory regime and more choice for people saving for their pensions.
Mr Saunders added: "As DC pension saving becomes mainstream, the decision about how to maintain income in retirement will be of increasing importance."
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