The worst thing about the government’s plans to force pension providers to invest their money in particular assets is that ministers and MPs themselves don’t have to worry about it. They, of course, are members of a gold-plated pension scheme that is underwritten by the taxpayer. They will receive their index-linked pensions whatever the economic performance of the country or of any particular assets. As for the rest of us, how well we do in retirement very much depends on how investments perform.

That is why it is so obnoxious that the government is trying to force pension funds to invest some of their funds in UK assets and in particular public sector ventures. True, it is only a small percentage – 5 or 10 per cent – but you can be sure that it will grow........

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