By 2030, the majority of workplace DC savers will have their pension pots managed in schemes of over 30 billion pounds, and by 2040, all local government pension funds will be invested in pools of 200 billion pounds or more," Hunt told parliament.
Hunt said such changes could help unlock an extra 75 billion pounds ($93.46 billion) of financing for high growth companies by 2030, and improve returns for pensioners.
The British Business Bank will set up a new growth fund for schemes to invest in growth companies, and there will be a consultation on giving the Pension Protection Fund a new role to help consolidate direct benefit schemes, he said.
The government also wants to allow certain portions of shares - fractional shares - within ISAs.
($1 = 0.8025 pounds)Reporting by Huw Jones Editing by Frances Kerry and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.
Persons:
Jeremy Hunt, Hannah McKay, Hunt, PIMFA, William Wright, Huw Jones, Frances Kerry, Bernadette Baum
Organizations:
REUTERS, British, London Stock Exchange's, Aquis Exchange, DC, British Business Bank, Local, ISA, Labour Party, Labour, New, Thomson
Locations:
London, Britain, New York, ISAs