Lord Jim O'Neill warns that merging 87 local authority retirement funds could diminish support for innovative startups in northern England, potentially favoring larger corporations.
O'Neill expressed concern that a large pension fund might mean a reduction in local knowledge and investment in smaller businesses, which the current system sustains.
"It's a myth that local authority pension fund managers don’t invest in British startup businesses... It’s the big pension schemes that are nervous."
The aim of the newly formed taskforce is to explore a merger of 87 pension schemes to cut costs and enhance investment options for future pension pots.
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