16:10 18 October 2013
It seems that Prince Charles is not happy with the pension industry; the Royal has issued a video statement claiming that it is failing the interest of millions of savers.
The prince said he feared that if no changes are made, the next generation of pensioners would be “consigned to an exceptionally miserable future.”
The Prince of Wales was asked to contribute a video message to launch the National Association of Pension Funds' annual conference in Manchester.
In the video he said: “With an ageing population and pension fund liabilities that are therefore stretching out for many decades, surely the current focus on quarterly capitalism is becoming increasingly unfit for purpose.”
“It falls to you, I’m afraid, to help shape a system designed for the 21st and not 19th century.
“Make that innovative and imaginary leap that the world so badly needs, otherwise your grandchildren, and mine for that matter, will be consigned to an exceptionally miserable future.”
Expert Dr Ros Altman said that the Prince was right. “We should be using pension funds to invest in the long term. Short-term horizons means investors lose sight of the bigger picture and what might be a good investment longer term.
“Pension managers should be willing to sacrifice some short-term profit to achieve this.”
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