I am pleased to have this opportunity to speak to such a wide range of representatives from the pensions industry. I would like to talk about the Myners Review, and as Paul will be speaking to this conference tomorrow, I ll leave discussion of the Review s details to him. Today I would like to talk about how the Review fits in with the Government s objectives, and how we see our role in relation to the pensions industry.
Pension funds are vital to the millions of people to whom they give security and comfort in old age.
Pension funds represent the savings of millions of people, and as Paul Myners says, the ability of funds to invest these assets effectively has a profound impact on their economic well-being. Because so many people depend on pension funds to provide for their futures, ensuring the funds serve the needs of their members is a priority for Government. Pension funds are not only vital to the pension holders they provide for. They are also key players in the economy as a whole, with a vital role in the UK s capital markets. 800 billion of assets are managed by pension funds.