The government is set to give itself the power to mandate pension funds to invest cash in UK projects if they fail to comply with a voluntary pact due to be announced this week.
A review, led by pensions minister Torsten Bell, is expected to recommend that the government is given the option to mandate pension fund investment, according to a source close to the government.
The review will be published later this month after an agreement this week by more than 15 major pension fund investors — thought to include FTSE 100 giants L&G, Aviva, Phoenix and M&G — to invest up to 10 per cent of their assets in fast-growing companies and infrastructure, with half of that designated for the UK, by 2030.
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