Chancellor George Osborne's plan to convince pension funds to invest £20bn into a government-backed infrastructure fund has serious "issues", Labour has said.
Osborne has been meeting with the National Association of Pension Funds to discuss an arrangement where at least 2.5% of funds are invested in UK infrastructure projects via the Pension Infrastructure Platform (PIP). Other UK pension funds will be able to invest in the fund, which will levy no more than 0.5% of assets under management in management charges. However, Gregg McClymont, shadow pensions minister, said there are "big issues with the detail" of the plan. He said it will be difficult to persuade pension funds to move away from low-risk, long-term investments and into much ...
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