The Strathclyde Pension Fund, one of the biggest single funds in the UK, has become the first public backer of the new in-house fund from the Pensions Infrastructure Platform
This changing relationship was described this week by Chris Hitchen, CEO of the Railway Pension Trustee Company, which manages more than 500,000 pensions from railway employees.
The move follows Standard Life, who have already introduced a 5 per cent cap, and Prudential, who plan to bring a cap in at “below 5 per cent”.
Constant change is a deterrent to long term saving and, if Osborne goes through with these changes, consumers will be forced to focus on the short-term instead of saving for their retirement.
The company described the UK employee benefits performance, where sales were down 9 per cent, as “disappointing”. It put this down to a “significant slowdown in project work