Jeremy Hunt announces reforms to pension pots and proposes measures “to boost the attractiveness of our markets". He goes on to say he will “explore options” for a Natwest share offer, as “it’s time to get Sid investing again”. Report by Rowlandi. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 I now turn to reforms to pension funds that will increase the flow of capital going to
00:06 our most promising growth companies in a way that also improves outcomes for savers. I
00:12 will take forward my mansion house reforms, starting with measures to consolidate the
00:18 industry. By 2030, the majority of workplace DC savers will have their pension pots managed
00:24 in schemes worth over £30 billion, and by 2040 all local government pension funds will
00:29 be invested in pools of £200 billion or more. I will support the establishment of investment
00:34 vehicles for pension funds to use, including through the LIFTs competition, a new growth
00:39 fund run by the British Business Bank and opening the PPF as an investment vehicle for
00:45 smaller DB pension schemes. I will also consult on giving savers a legal right to require
00:53 a new employer to pay pension contributions into their existing pension pot if they choose,
01:01 meaning people can move to having one pension pot for life. These reforms could unlock an
01:07 extra £75 billion of financing for high-growth companies by 2030 and provide an extra £1,000
01:16 a year in retirement for an average earner saving from 18. Alongside this, I am also
01:22 proposing further capital market reforms to boost the attractiveness of our markets and
01:27 make sure the UK remains one of the most attractive places to start, grow and list a company.
01:34 As part of this, I will explore options for a NatWest retail share offer in the next 12
01:42 months, subject to market conditions and achieving value for money. It is time to get Sid investing