Trade Union body the TUC have urged pension schemes and fund managers in the UK to lend their support to more responsible investment in an attempt to curtail those practices that created the economic collapse.
The head of the TUC, Brendan Barber, reportedly commented: "We have seen damage done to the financial system by the unchecked use of complicated products and practices like derivatives and short-selling. There has been a huge human cost, too, with job losses and millions of people seeing the value of their pension funds plummet."
Future regulations for the pensions industry could include clauses on investment principles and playing an active role in an economic recovery. The pension scheme industry in the UK has changed greatly in recent years, with final salary pension schemes almost gone from the private sector.
Pensions need to pull their weight, TUC says
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Pensions need to pull their weight, TUC says
Mon, 19 Jan 2009
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