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Pension reform is key to boosting investment and lifting the stock market | Will Hutton
TChancellor Rachel Reeves' announcement of a major overhaul of Britain's pension fund system could rival Gordon Brown's creation of an independent Bank of England in terms of economic significance.
It is incredible that less than 2% of the 2.5 trillion pension fund assets managed by more than 30,000 pension funds, often very small, are invested in UK companies, either on public markets or as unlisted start-ups and scale-ups. This is a disgrace, and serves neither the economy nor pensioners: radical reform, as I argue in my new book, This time, no mistakeis a prerequisite for higher growth.
This revision confirms the limited ambition of last week’s pensions bill. First and foremost, Britain needs fewer and larger funds than the smorgasbord of tiny, underperforming funds whose trustees guard their independence so jealously that the property market seems unlikely to be marginalised. Only very large funds, ideally over €100bn, can diversify risk sufficiently to be able to invest more across the whole range of productive assets, including those in the UK, to boost returns, stimulate the economy and improve pensions.
Two important objectives are identified. First, to explore ways to pool risks and consolidate the rapidly growing but often tiny multitude of defined-contribution plans. Second, to explore how to energize the glacial consolidation of local government pension funds. This could yield $1 trillion in productive investment. Just as important is the additional $1.4 trillion sterilized in closed defined-benefit pension plans.
They need a guarantee (or backstop) to persuade trustees to release £225bn of stagnant surpluses and for another 2,000 very small and closed defined benefit pension schemes to agree to be merged into the very successful Pension Protection Fund.
Do all this, and Britain will finally have the investment funds needed to turn around its flagging stock market and trigger an investment boom.
Sources 2/ https://www.theguardian.com/commentisfree/article/2024/jul/21/pension-reform-investment-boom-stock-market-britain The mention sources can contact us to remove/changing this article |
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