BGN Entrepreneur

Insurance firms could carve out a new role as a form of development bank for the UK, provided a number of legal, accounting and regulatory issues are resolved.
UK’s largest pension fund manager—L&G, needed long-term assets to matched its long-term assets that matched its long-term abilities to pay out the pensions. The pressure to identify more such assets was intensifying as pension funds sought to sell the long-term liabilities for their existing pensioner populations to insurers and others.
Currently, about 60% of L&G’s long-dated assets are invested in foreign countries. Putting pension savings into long-term infrastructure will generate jobs and economic growth in the UK.

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