Pension managers urge UK to ditch ‘megafund’ scale test

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Financial Times 14h ago

Pension managers urge UK to ditch ‘megafund’ scale test - Financial Times

Quick Summary:

The Department for Work and Pensions said it had set out proposals to “move to a market of larger and better run schemes to boost growth and deliver better outcomes for savers”, but added it would “consider the responses in due course”.

UK pension managers have objected to government plans to force the creation of a series of ‘megafunds’, arguing it could stifle competition and hamper investment returns.

The criticisms come after the government said last year defined contribution (DC) workplace pension schemes should consolidate in order to reach to at least £25bn in assets per fund by 2030.