L

Lord Birt (CB)

Speaking in the House of Lords on 21 November 2024

Debate

Financial Services: Mansion House Speech

Contribution

My Lords, I strongly support the plan to consolidate the UK’s pension funds. However, I used to chair the investor relations committee for a major UK private equity fund and dealt with many of the world’s most illustrious and successful pension funds. Their mission, which we all understand, was to achieve assured, long-term returns for their members and to do so, in part, by managing risk and investing in not one but multiple geographies and sectors. I am unaware—though there may be examples—of any constraints placed on any of those leading funds by their Governments. What justification can there be for the Government to constrain the investment strategies of the UK’s pension funds by requiring them to focus on particular geographies—most obviously, our own—and sectors?

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