Ploughing savers' money into British infrastructure and private equity risks undermining the primary role of pensions, a major mutual insurer has warned. Barry O'Dwyer, chief executive of Royal London, said he is 'nervous' about Labour's proposal to shake-up the pensions industry. The Pension Schemes Bill is seeking to boost returns for millions of retired people by encouraging schemes to put more money into British infrastructure and private companies. 'With an estimated £3trillion in UK pensions, it is understandable pensions are viewed as able to play a powerful role in supporting UK economic growth. However, the primary role of pensions is to fund customers' retirement.'

Source: Daily Mail August 02, 2024 20:55 UTC