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BGF comments on defined contribution pensions report
A new report published today by the British Business Bank and Oliver Wyman reveals that savers in defined contribution pension schemes are missing out on higher returns due to a lack of investment in some of the UK’s fastest growing and most innovative companies.
Welcoming the report findings, Stephen Welton, founder & CEO of BGF, comments:
“With GDP shrinking and the uncharted waters of Brexit looming, UK SMEs are going to need a gargantuan upturn in the provision of capital to underpin growth, much of which is currently resting dormant under institutional mattresses.
“By 2025, defined contribution pension schemes will have become one of Britain’s largest reserves – with close to £1 trillion in capital. The effect that could have if invested into UK enterprise is enormous giving savers a stake in Britain’s entrepreneurial future and the real economy – which is why we wholeheartedly welcome today’s proposal.
“While the unicorn hunters would pump these funds into digital start-ups alone, it’s crucial that this reform is felt by businesses across every region and sector. Patient capital is key to unlocking long-term sustainable growth across the economy – we’ve proved that it works but we can’t do it alone.”
Read the full report here
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