Box B: Pensions, Savings and Investment

Andrew Smithers

National Institute UK Economic Outlook, 2024, issue 16, 33-36

Abstract: This box picks up on two sessions of discussion involving an invited group of those working in financial services, organised by the NIESR, and a paper I wrote setting out the key issues and explaining their implications. In this box, I list the issues and summarise the specific points that arose in their discussion. Issue 1. Should savings for retirement be encouraged? If so, is enough being done? If not, how can we do more without government cost? Issue 2. Should pension funds be encouraged to help the financing of infrastructure, startups or second stage finance? Issue 3. Has the regulation of pension funds led to relative weakness in UK share prices? If so, has this damaged the UK stock exchange and the United Kingdom as an exporter of financial services? Can this be rectified without government cost? Issue 4. As equities give higher long-term returns than debt instruments, lengthening the time horizon of pension funds should benefit retirees. Is this desirable, can it be done and, if so, how?

Date: 2024
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