Irish company calls for burden sharing

INVESCO, the Irish-based investment and pensions consultant, has written to the chief executives of 14 life and pensions companies requesting that they share the burden on consumers of the 0.6% government pension levy.

On behalf of more than 55,000 pension holders whose portfolios it manages, Invesco has asked that these firms recognise the negative impact this will have on pensions funds, most of which have been held for many years, and have suffered significant losses in recent times.

Invesco is calling on these firms to provide the entire cost or a contribution towards the cost of the government levy through a reduction in their management fees or similar mechanism.