British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday.
In Monday's speech at the City of London's Mansion House, Hunt will explain how the reforms could increase returns for pensioners and unlock capital for businesses, the Treasury said.
He was expected to announce a list of insurers and asset managers who have signed up in principle to invest more in alternative assets, a senior industry source told Reuters. Any changes to the pensions industry would be "evolutionary not revolutionary", Hunt planned to say, vowing that the reforms would never compromise Britain's competitive position as a leading financial center.
"On average, Australian and Canadian pension funds currently provide better performance. We need to follow their example, encourage consolidation of schemes and deliver better retirements, which will also support growth," it said in a statement.
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