Over the last year, the Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have been involved in a number of initiatives on how Government can attract greater pension investment in UK growth.
Today, the two organisations call on Government to consider four key areas where more action is needed.
"UK pensions already invest around £1 trillion in the UK economy, in particular through their ownership of Government and corporate bonds and listed equities. The PLSA and ABI have worked together to identify what more Government can do to attract further pension investment in the UK, provided the investment is in line with the interest of savers. This is a complex area, but we have picked out four areas for action: higher pension contributions, the right regulation, Government action to support investment opportunities and measures that enable the consolidation of pensions that is already underway. Taken together our organisations believe this is the right way to support growth in the UK and to look after the interests of pension scheme members."
Director Policy & Advocacy, PLSA
“Together, ABI and PLSA members safeguard £2.5 trillion of assets for the retirements of millions of workers in the UK. We strongly support the Government’s desire to ensure these assets work as hard as possible for savers, while also fuelling UK growth. But optimising asset allocation is not enough. We also need to ensure people save enough, regulation works, there is an effective pipeline of investment opportunities, and much greater consolidation. All this will drive UK growth, and we will continue to work with our partners at PLSA and with Government to advance this agenda.”
ABI Director of Long-Term Savings Policy