Dame Amanda Blanc, CEO of Aviva, has voiced strong opposition to any government mandates requiring pension funds to invest in UK assets. She argues such mandates would be detrimental, stating they undermine the best interests of individual savers and can be detrimental to the respected fiduciary roles of trustees. Blanc's remarks come amid tensions surrounding the Mansion House Accord, in which pension providers pledged to allocate significant percentages of their default funds to UK private markets by 2030. The Treasury is considering powers to enforce these investments if voluntary commitments are not met, prompting industry concern over potential conflicts with pension fund responsibilities.
Blanc emphasized, 'Mandation, we do not believe, is the right thing. The government needs to consider the unintended consequences. There is a whole chain of people - employee benefit consultants, employees, workers - who need to change behaviour, not just pension funds.'
She strongly cautioned, 'It's like a sledgehammer to crack a nut. You have to be able to get everybody on board to do the right thing.'
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