"either an idiot... or possessed of a dangerous agenda and very cunning"
Wednesday, 20 February 2008
Northern Rock & self-investment
Just a quickie, but Punter Southall have rather cheekily pointed out that the Northern Rock pension scheme would fall foul of self-investment rules in another context. From memory pension funds are limited to investing 5% of their assets in securities issued by the sponsoring employer. The NR scheme recently moved its asset allocation to include a 93% weighting to gilts. Well, the sponsoring employer will very shortly be the Government, which issues gilts...