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Pension Funds Come Together to Launch £1bn Initiative to Back UK ...
The fund would channel pension capital into high-growth firms and aims to give savers better long-term returns, officials said.
- Major UK pension providers including Railpen, NEST, Border to Coast Pensions Partnership, and the British Business Bank are launching a £1 billion Scale-up Fund to invest in high-growth British science and technology companies.
- Prime Minister Andy Burnham and Chancellor John Healey championed the initiative to keep profits within Britain while ensuring pension savers benefit from successful domestic businesses.
- Ian Cornelius, Chief Executive Officer at Nest, emphasized that pension capital plays a vital role in helping businesses grow; the fund builds on the British Growth Partnership, which previously raised £229 million from institutional investors.
- Andy Bord, chief executive officer at Railpen, called the fund a "compelling investment opportunity" for savers; individual pension holders need not take action as providers will manage investments.
- The consortium is currently seeking an asset manager to handle the £1 billion investment pool, aiming to position Britain as a leading destination for scaling science and technology startups.
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Andy Burnham's £1B Pension Fund Explained: What It Means for UK Savers and Startups
Britain has long been home to innovative science and technology businesses. The government says it now wants more of those companies to secure the funding they need to expand in the UK rather than looking elsewhere for growth capital. That ambition sits behind plans for a proposed UK Scale-up Fund worth more than £1 billion. Announced on 27 July by the Department for Business, Innovation, Science and Trade alongside the Prime Minister's Office, …
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Total News Sources13
Leaning Left3Leaning Right1Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 33%
C 56%
11%
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