Chancellor to meet big pension bosses in Toronto as part of push to unlock investment from local UK schemes
Chancellor Rachel Reeves will meet bosses of big pension schemes in Toronto on Wednesday, as she seeks to create a “Canadian-style” model in the UK with massive retirement funds investing in equities and infrastructure. Reeves wants to unlock the investment potential of the £360bn local government pension scheme, which has more than 6mn members but is fragmented into 86 individual funds in England and Wales.
But translating the Canadian model, which includes the Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec, may not be the panacea envisaged by politicians across the political divide in the UK. Canada’s Maple 8 funds are noted for their deployment of assets into infrastructure schemes across the world and Reeves has shied away from the idea of compelling UK funds to invest in Britain. Their investment in “productive assets” has not always gone smoothly.
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