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U.K. Finance Chiefs Push for Pension Reforms to Boost Growth

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Pension Reforms,Investment,Economic Growth

Finance chiefs from major UK firms are urging the Labour government to swiftly implement pension reforms aimed at stimulating investment and economic growth. They argue that increasing domestic capital invested in UK businesses is crucial for sustainable growth.

U.K. finance chiefs are banging the drum for pension reforms to boost anaemic investment and growth in the country.

Liverpool, ENGLAND — U.K. finance chiefs are banging the drum for pension reforms to boost anaemic investment and growth in the country.The annual Labour conference — the centre-left party's first in power for 15 years — was awash with delegates from the City of London urging the government to move decisively with plans to make retirement schemes more competitive.

BlackRock's vice president of government affairs and public policy, Muirinn O'Neill, said the new government had a"once-in-a-generation" chance to overhaul the pensions system."In terms of the growth agenda, we have been long-term champions of getting more DC investment into private markets," she said Tuesday, referring to defined contributions, which are retirement plansThe comments echo those from Citi U.K.

U.K. pension schemes have some of the lowest share of funds held in domestic stocks and private assets of any major global pension market,think tank New Financial. Just 4.4% of U.K. pension assets are currently held in domestic stocks, down from an estimate ofReeves has said that the U.K. could model itself on Canada, where megafunds invest in stocks and infrastructure.

 

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