Jeremy Hunt and Rachel Reeves have been squaring up to the UK’s pension sector in recent months with threats to strong-arm money managers into backing homegrown British companies.
However, data suggests they might do well to start closer to home.
The MPs’ pension fund – the Parliamentary Contributory Pension Fund (PCPF) – which pools MPs’ retirement cash and counts the chair of the Treasury Select Committee Harriet Baldwin among its trustees – has ditched UK equities rapidly over the past seven years.
At its peak in 2017, the fund held £130m in UK equities. However, at the last year-end, this had cratered by 92 per cent to only £10m.
That equity holding represents a 1.3 per cent weighting to UK equities of its total and just 2.3 per cent of its total equity portfolio, meaning the fund has…
