who also tried<\/a> to channel more pension savings into UK equities, said the MPs\u2019 scheme should lead by example.<\/p>\n\u201cIf governments from both parties want pension funds to invest more in the UK, then it rather makes a mockery of things if the parliamentary pension scheme does the opposite,\u201d he said.<\/p>\n
Charles Hall, head of research at broker Peel Hunt, said: \u201cIt\u2019s extraordinary that our own MPs have even lower allocation to UK equities than the average pension fund\u2009.\u2009.\u2009.\u2009It\u2019s high time the MPs showed some leadership and backed UK companies.\u201d<\/p>\n
The trustees of the MPs\u2019 scheme \u2014 who have ultimate responsibility for asset allocation \u2014 include powerful political figures in both parties, including Labour\u2019s Dame Meg Hillier, chair of the Treasury select committee, and Dame Harriett Baldwin, her Tory predecessor in the role.\u00a0<\/p>\n
The government has included a range of measures to encourage more pension investment in UK assets in a bill to become law next year, including consolidating assets and taking a reserve legal power to set asset allocation targets if a voluntary approach fails.<\/p>\n
Pensions minister Torsten Bell told the Financial Times on Thursday: \u201cI\u2019m sure all pension schemes, including the parliamentary scheme, will want to look hard at investing in UK assets.<\/p>\n
\u201cThat is especially the case given this year has seen the FTSE hit record highs and significant momentum behind listings in London, from Magnum this week to Fermi, Prince\u2019s Group, and Shawbrook.\u201d<\/p>\n
In May, the Treasury launched the Mansion House Accord, a voluntary commitment signed by 17 of the largest pension providers to invest at least 5 per cent of their assets in UK private markets by 2030, provided the assets were sufficiently attractive. <\/p>\n
The Treasury said: \u201cOur pension reforms will channel more of the nation\u2019s savings into fast-growing businesses and vital infrastructure\u00a0across the UK,\u00a0securing\u00a0over \u00a350bn for the UK economy by 2030 and boosting retirees\u2019 pension pots by nearly \u00a330,000.\u201d\u00a0\u00a0<\/p>\n
Additional reporting by Ramsay Hodgson <\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this…\n","protected":false},"author":2,"featured_media":179758,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":{"0":"post-179757","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/179757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=179757"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/179757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/179758"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=179757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=179757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=179757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}