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UK pensions: building bridges
17 February 2014
As UK pension funds gear up to make substantial investments in public infrastructure, Anthony Lane considers lessons from the more mature Scandinavian market
If confirmation were needed of how British politics has been
changed by the country's straitened finances, it came in the
last week of January via a slew of media reports containing the
words "innovative financing mechanisms" on both sides of the
The Conservative-Liberal Democrat coalition will soon
undertake a review with the aim of encouraging institutional
investors – in particular 89 local government pension
schemes – to construct affordable housing. The
opposition Labour party meanwhile was reported to be
considering weakening the UK Treasury's grip on the nation's
finances through devolution of revenue-raising powers to cities
so they have the power to invest more in infrastructure.
Sandwiched in the middle were comments by Nigel Wilson,
chief executive of the £440bn ($736bn) insurer Legal
& General: "If we can bring communities with us and agree
planning, we'd like to build several new towns within cities."
L&G joined five other large insurers...
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