The Guardian view on Labour’s pension reforms: building on flawed foundations | Editorial

Pension funds should be investing more in Britain. But Rachel Reeves needs a better plan for this to benefit both pensioners and public infrastructureWhen Otto von Bismarck introduced the world’s first pension system in 1889, he could hardly have imagined the colossal wealth that people would one day save towards retirement. Britain’s pension funds look after a collective £2tn, almost as much as the country’s annual economic output. Rachel Reeves wants them to invest this money in regenerating decrepit infrastructure. The rationale for the chancellor’s proposition is clear. So too are its flaws.Ms Reeves will announce the full details of her plans this week. Her austere fiscal rules have given them a new urgency. Investment in Britain lags behind other G7 countries, and the government has been attempting to use other people’s money as a substitute for more generous public spending. She hopes that retirement savings could provide a source. She has praised Canada and Australia’s pension funds, which plough money into infrastructure at home and abroad, and wants Britain’s smaller, sleepier funds to emulate this model. Continue reading...

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