Chancellor's 'Mansion House Reforms' set to increase pensions by over £1,000 a year
is to use a City of London speech later to detail plans to encourage the financial sector to "unlock capital" and increase returns for pensionersby over £1,000 annually for the average earner and unlocking up to £75 billion in additional investment from defined contribution and local government pensions, while also promoting economic growth and supporting UK businesses.
Alongside regulatory reforms, he will welcome an agreement with leading pensions firms to put 5% of their investments, a sum of up to £50 billion, into high-growth businesses.Pensions firms welcomed that Mr Hunt was not making the move mandatory, as the industry had been warning against. "This is the key priority for the pensions sector and we welcome that Mr Hunt has listened to our views on this important matter.
Michael Moore, chief executive of the British Venture Capital Association, said: "We welcome the Chancellor's recognition of what we have known to be true for a long time, that British pension savers are losing out."
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