Fund Management

Pensions industry is dysfunctional

Mark Hyde Harrison, chairman elect of the National Association of Pension Funds, on how economies of scale are needed to rescue a pensions industry that is dysfunctional. He says other countries are doing a better job than the UK in encouraging the formation of supertrusts. He says pooled schemes would be more likely to act in members' interests and the improved governance, design and cost savings could deliver returns amounting to an extra 1 per cent per year.