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Gulf Press > Business > UK Initiates Review of Pensions System with Aim of Stimulating Economic Growth – News
Business

UK Initiates Review of Pensions System with Aim of Stimulating Economic Growth – News

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Last updated: 2024/07/21 at 7:31 PM
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The new Labour government in Britain is taking steps to review the pensions system in order to boost economic growth and improve retirement incomes. Prime Minister Keir Starmer has made addressing the country’s slow economic growth a priority since taking office in July. As part of their proposed legislation, the government announced a new Pensions Schemes Bill that aims to encourage consolidation of smaller pension schemes and expand investment strategies.

Finance minister Rachel Reeves stated that the review is part of a series of reforms intended to unlock growth, increase investment, and provide savings for pensioners. The government is determined to strengthen the foundations of the economy and sees an opportunity to shift more investment into productive assets through pension schemes. Defined contribution schemes are expected to manage around £800 billion by the end of the decade, and increasing investment into productive assets could help grow the economy and build infrastructure.

The review will also focus on the Local Government Pensions Scheme (LGPS), which manages the savings of employees working for local authorities across Britain. With nearly 90 funds within the LGPS, consolidation could reduce fragmentation and inefficiency. The government is prepared to consider legislation to mandate the pooling of funds if progress is not made by March 2025. Finance and pensions ministers will lead a roundtable with industry professionals to discuss potential changes.

The government aims to report on the first stage of the pensions system review within months, taking into account the need to prioritize market stability, liquidity, and diversity. A second phase will consider the wider pension landscape and explore additional reforms. Barclays has expressed support for the government’s review, noting that pensions reforms are crucial for unlocking institutional investment in growth equity. The bank’s chief executive commended the timely initiative and the potential impact on the pensions sector.

Overall, the review of the pensions system in Britain represents a significant step towards boosting economic growth and improving retirement incomes. By encouraging consolidation of smaller pension schemes and increasing investment in productive assets, the government aims to strengthen the economy and provide greater financial security for retirees. The focus on the LGPS and the potential for mandated pooling of funds demonstrate a commitment to reducing inefficiencies and maximizing returns. With support from industry professionals, the government’s review is poised to bring about meaningful changes in the pensions sector.

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News Room July 21, 2024
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