So the Govt's attempt to force pension trustees to invest (our) pensions in light of state priorities (i.e. more UK-based investments made by UK pension schemes) has been defeated in the Lords.... for the pretty obvious reason that this would badly compromise the fiduciary duties of trustees towards members of pensions schemes.
But, Labour has pledged to try & get a similar measure back into the pensions bill in some way;
they've got their eyes on (y)our pension.
@ChrisMayLA6 Another item on the list of "why see how other countries deal with it if we can create our own bodge job"?
Pensions in the UK aren't pensions (in the sense they provide a monthly income until you die), they are savings accounts, and treated as such.
A real pension fund should do the same as a state pension: you pay in, and get an income in return. Some get less then they paid in, some get more.
Some pensions still are; I have a mainly defined benefit pension that does act as a pension, and certainly civil service pensions still do... but yes, increasingly the defined contribution schemes are much more like savings accounts (but with some tax advantages, but more investment risk).
Emeritus Prof Christopher May
WanWizard 🏴 🇳🇱
AnneH