Original title: Reform Takes Aim at Fund Managers in UK Pension Efficiency Drive
Reform UK has vowed to change the way public sector pensions are invested as it attempts to cut waste in local councils, saying “mismanagement” of funds is costing as much as £10 billion ($13.5 billion) a year in missed earnings and excess fees. The right-wing party on Monday held a press conference in which deputy leader Richard Tice accused local pension fund trustees of “incompetence at best, gross negligence at worst,” as he announced the conclusion of Reform’s review into the savings pots. He said funds were overpaying on fees to managers who were under-delivering, leaving taxpayers on the hook for any shortfall.