UK pension providers have joined forces to establish a new UK scale-up fund of more than £1 billion to back the next generation of high-growth science and technology companies.

The new fund aims to increase UK growth capital and give pension savers greater access to returns from successful UK companies.

It would seek to deliver strong long-term returns for pension providers and their members by investing in successful UK companies.

According to the government, the fund will support economic growth and help pension savers benefit from larger retirement pots.

Commenting on the fund, Prime Minister Andy Burnham said: ‘This new fund would help unlock good growth in every postcode, connecting pension investment with the entrepreneurs and technologies that will reindustrialise Britain and create the jobs of the future.

‘That means more opportunities for working people, stronger returns for savers, and more businesses choosing to start, grow and stay in Britain.’

Internet link:Government website