TISA Establishes New Pension Risk Transfer Market Advisory Council
The Tax Incentivised Saving Association (TISA) has responded to the fast accelerating needs of the pension risk transfer market by establishing a new advisory council to represent it. A plenary meeting to select its final membership will be held in London on 15 July. Pension transfer or ‘buyout’ business is already significant. A report from Lane Clark and Peacock LLP in May highlighted that £4.1bn of business was written in the half year ending 31 March 2008 and predicted that the market is on target to exceed £10bn this year. Malcolm Small, director of portfolio and retirement planning at TISA, commented: “There is a clear need for a representative ‘home’ for the widest range of approaches and solutions available.” TISA advisory councils bring senior industry figures together to debate and formulate responses to topical financial services issues. The councils enable TISA to inform and participate in engagement with HM Government, civil servants, interest groups and regulators on behalf of the industry.