New UK pension scheme rules out hedge funds

(Reuters) Britain's new Personal Accounts scheme, a plan for savers without a company pension, is "highly unlikely" to invest in hedge funds and private equity, said the head of the authority in charge of setting up the scheme. The investment portfolio of the Personal Accounts scheme, which is set to grow to 150 billion pounds ($279 billion) in 50 years' time, has not been decided, although the scheme has said its default fund is likely to consist mainly of index-tracking funds.

Reuters