July 12, 2024

Pension funds in Great Britain are increasingly investing in start-ups

Pension funds in Great Britain are increasingly investing in start-ups

Financial district in London

Financial technology, life science, biotechnology and green technology companies stand to gain the most money.

(Photo: REUTERS)

London It sounds too good to be true: British Treasury Secretary Jeremy Hunt is promising future retirees in England to boost their pension income by around £1,000 (around €1,170) a year. The Conservative politician wants to achieve this by reforming investment rules for British pension funds. Hunt delivered his traditional “Mansion House” speech to representatives of London’s financial sector on Monday evening.

In future, pension funds will have to invest five percent of their investment in start-ups or unlisted private equity firms. According to Treasury Department calculations, this could generate around £50bn of venture capital. The UK’s nine biggest pension funds want to use the voluntary offer to adjust their investment plans by 2030.

Read now

Access this and all other articles

Free for 4 weeks on the web and our app.

Further

Read now

Access this and all other articles

On the web and in our app.

Further

See also  Cigna Prime pays 100 million euros in cash