business<\/a>es, giving the NPF direct equity stakes in individual companies.\n<\/p>\n\n This fund would play a central role in giving the general public a direct stake in business and infrastructure and form the basis of what could be described as \u201cmutual capitalism\u201d. Fund D would allocate any remaining funds in tradeable shares with an emphasis on the holding of shares in Scottish companies and taking stakes in foreign companies operating in Scotland.\n<\/p>\n
\n Funds C and D would contribute to the process of taking back control and ownership of our national assets and resources. Funds B and D would rely on there being a Scottish Stock Exchange to facilitate their activities.\n<\/p>\n
\n The\u00a0funds of the NPF could be enhanced further by allocating revenues derived from the management of Scotland\u2019s resources. Initially this might be limited to tax revenues, for example from foreign companies operating in the energy sector.\n<\/p>\n
\n However, over time, as Scotland regains ownership and control over our own resources, the higher revenues could also be used to supplement the funds of the NPF in addition to the share of profits the NPF derives from direct investments in infrastructure and equity partnerships.\n<\/p>\n
\n ![]()
<\/p>\n
\n A NPF would constitute a strategically important part of Scotland\u2019s future financial architecture and its evolution would have a significant impact on the Scottish asset management industry.\n<\/p>\n
\n A substantial shrinkage of that industry would be likely, but that would be compensated for with the creation of highly skilled, well-paid jobs needed to drive the successful business partnerships which are central to the NPF\u2019s purpose as an investor.\n<\/p>\n
\n The administration of an earnings-related pension system, of which the NPF would be a critical part, would also create well-paid jobs in activities such as financial advice, IT systems development and co-ordination with the tax and welfare systems and related government departments.\n<\/p>\n
\n In out next column I will outline how the NPF could be designed as a provider of earnings-related pensions for all Scottish citizens, integrated with a new state earnings-related pension.<\/p>\n","protected":false},"excerpt":{"rendered":"A national pension fund (NPF) would be a large mutual fund owned by Scottish citizens as distinct from…\n","protected":false},"author":2,"featured_media":30882,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-30881","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/30881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=30881"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/30881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/30882"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=30881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=30881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=30881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}