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Chancellor announces pension fund reforms to boost UK business
United Kingdom | Publication | March 2024
On March 4, 2024, ahead of the Budget, Chancellor Jeremy Hunt announced pension fund reforms as another step in the Government’s plan to boost British business and increase returns for savers. The reforms include:
- By 2027, DC pension funds will be required to publicly disclose their level of investment in UK businesses compared with those overseas.
- In a move intended to encourage scheme mergers, schemes performing poorly for savers will not be allowed to take on new business from employers.
- Schemes will be forced to publish information on how their performance compares with competitors.
The Regulator and the FCA will have a full range of intervention powers.
The plans, which do not affect DB schemes, build on the “Mansion House Reforms” that encouraged pension funds to invest at least 5 per cent of their assets in unlisted equity. However, it is unclear how the “Britishness” of assets would be defined for these purposes.
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