Sunday, December 22, 2024

Chancellor set for reforms to encourage pension funds to ‘buy British’

Must read

Sweeping reforms: Chancellor Rachel Reeves

Rachel Reeves set to unveil sweeping reforms to encourage pension funds to ‘buy British’ and ‘fire up’ the economy.

The Chancellor will use her keynote Mansion House speech this week to say lessons must be learnt from Canadian retirement schemes, who have been big investors in British business.

She wants the UK’s Local Government Pension Scheme, which controls £350 billion of assets, to invest more in local projects, such as infrastructure and renewable energy.

But this could put her on a collision course with funds that manage the nest eggs of six million council workers past and present.

She has been warned she faces a backlash if the scheme is told to invest in certain sectors.

Trustees fear that being told to buy more UK assets may not deliver the best returns for their members.

DIY INVESTING PLATFORMS

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Free dealing and no account fee

Trading 212

Free dealing and no account fee

Trading 212

Free dealing and no account fee

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.

Compare the best investing account for you

Latest article