John Greenwood has reported on yesterday’s event at the Mansion House, reported on from the FT and Torsten Bell’s perspective here.
It looks that an agreement was in place that set the FT’s Mary McDougall on reporting Torsten Bell and John on the rest of the event, established by NatWest Cushon and Eversheds Sutherland. I spoke to both prior to the event and am pleased they were chosen,
Torsten Bell, Britain’s Pension Minister made it plain that he did not see the law as stopping pension trustees investing more of their available funds into assets that grow pensions today and the economy that drives higher pensions for generations to come.
I am pleased to see John Greenwood reporting the event and Eversheds explaining how Bell can be confident in insisting on a new investment strategy. Here is a link to and an exert from John’s article
Micheal Jones of Eversheds told us
A key part of this opinion is to differentiate between quality of life factors that have been very clearly set in law as non-financial factors, and standard of living factors
Standard of living factors are objective – financial, quantifiable measurements of things that matter to people in terms of the good and services that their money can buy. So it’s things like GDP per capita, levels of income, levels of infrastructure , all of those financially quantifiable aspects of life, including access to healthcare, education , services.
Cushon were until recently a small player in the investment market but they are clearly determined to get to £25bn by thinking big. With NatWest as an investor they are changing attitude. Speaking to MD Troy Clutterbuck it was clear that Cushon (now NatWest Cushon) would not have dared pull of such an audacious event.
Ben Pollard and Julius Pursaill were at the event and “building a feel good future”.
Clearly this event was not about people arguing about whether to invest in the UK, it was about Cushon determinising to do just that. I hope that £25bn comes their way to pay as pensions!
Ben Pollard, Cushon’s CEO has the final words
“This opinion from Eversheds makes it much easier for trustees to take account of this virtuous circle when they’re making investment decisions.”
It makes it a good deal easier to invest adventurously in Britain if the Pension Minister is also on your side.
