Pension funds are resisting a government push to invest up to £50bn in UK infrastructure and businesses, saying the country is not an attractive enough destination for more of their capital.
Executives from the £1.3tn sector attending a conference in Manchester yesterday said funds looking to support the government’s growth agenda amid high pressure on public finances were encountering myriad barriers.
These ranged from a lack of suitable investment opportunities to concerns about the high-risk nature of the areas the government was most keen for funds to plough their cash into.
“Our job is not to support levelling up. It is to build retirement funds,” said Elizabeth Fernando, chief investment officer for the £33bn AUM pension fund Nest.
