A former pensions minister has urged the government to strongarm pension funds into allocating more of their money domestically in a bid for growth.
Ros Altmann, who was the pensions minister between 2015-16, has called for 25% of each new contribution from the hypothetical policy coming into force to be invested domestically, or else the schemes lose out on government-issued tax relief.
The life peer has pointed to the tax breaks pension funds receive annually, which amount to £70bn outgoing for the Treasury. She believes these should be reciprocated in some way via greater investment in the UK.
