PIMFA
3 March 2021
PIMFA welcomes Green Savings Bond, Help to Grow scheme and Apprenticeships support but expresses concerns over IHT, GCT & Lifetime Allowance freeze
PIMFA, the trade association for wealth management, investment services and the investment and financial advice welcomes the announcements in today’s Budget regarding the introduction of green savings bonds, the Help to Grow scheme and further support for apprenticeships. However, on a different note PIMFA also expressed major concern regarding the decision to freeze the Lifetime Allowance for pensioners, as well as the Capital Gain Tax and Inheritance Tax thresholds until 2026.
Tim Fassam, Director of Government Relations and Policy at PIMFA said:
“We welcome the commitments in today’s Budget across the Help to Grow scheme and measures to support apprenticeships. These are welcome moves to help develop talent, drive innovation and encourage growth across the UK.
“We also welcome the introduction of ‘green’ savings bonds which will work alongside existing ESG investment services to provide greater opportunities for retail investors to help the country’s transition to a low-carbon economy and support efforts to tackle climate change. Previously PIMFA’s Under 40 Forum recommended that the government encourage ESG investing and create opportunities for stronger retail investor’ engagement in green finance and today’s announcement is a step in the right direction.
“However, we are disturbed by the decision to freeze the Lifetime Allowance for pensioners, as well as the Capital Gain Tax and Inheritance Tax thresholds until 2026. These freezes both penalise pension savers looking to secure their future and also discourage the public from investing in our economy at a time when the Chancellor himself admits we need an investment-led recovery”.
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Notes for Editors
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Supervision and the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
Contact
For further information on this release or other press matters please contact:
- Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376
- Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
