The Government will not compel pension funds to invest in high-growth companies, but will insist the sector has to change
Caption: Jeremy Hunt Chancellor of the Exchequer wants a better deal for UK pensions. Photo: Hannah McKay/ ReutersThe UK’s pension funds must improve their performance to give pension holders better long-term returns but the Government will not force funds to invest in high-growth companies, the Chancellor Jeremy Hunt said.in infrastructure as well as start-ups and green technology.
The Chancellor said the Autumn Statement next month would reveal further initiatives to lift barriers for pension investments, including a government-backed “vehicle” foras an alternative to merging pension schemes. The parliamentary pension scheme invests just 1.7 per cent of its fund in UK-listed companies, or 2.8 per cent of its overall quoted shareholdings, far less than the average for UK defined benefit pension schemes, theAs of March 2022, the parliamentary pensions scheme invested 59.8 per cent of its £835m total assets in shares listed outside the UK, compared with 1.7 per cent in UK-quoted companies.
“Where schemes do not have the scale, expertise, or appetite to truly deliver for savers, it is time to consolidate and move their savers into a scheme that can. Savers deserve nothing less,” she added.
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