§ Mr. Meacherasked the Chancellor of the Exchequer what has been the total level of investment by, respectively, pension funds, life assurance funds, investment trusts, and unit trusts for each year since 1960 ; and what percentage of their respective investments for each of these years were devoted to equities, gilt-edged securities, property, and other types of investment.
§ Mr. NottThe investment pattern for each of these institutions is tabulated below ; separate information is given for property unit trusts, which only came into existence in 1966. No information for life assurance funds is available for 1961 and 1962. Disinvestments are shown with a minus sign.
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1961 1962 1963 1964 Investment trusts Total investment £m. … … … 56 53 74 87 Percentage invested in: Preference and ordinary shares … … … 64 56 146 73 British government securities … … … 5 55 −35 −18 Land property and ground rents … … … — — — — Other … … … 31 −11 −11 45 Units trusts Total investment £m. … … … 7 31 54 73 Percentage investment in: Preference and ordinary shares … … … 57 94 98 90 British government securities … … … — 3 −5 — Land property and ground rents … … … — — — — Other … … … 43 3 7 10 Pension funds* 1965 1966 1967 1968 Total investment £m.† … … … 439 463 449 529 Percentage invested in: Preference and ordinary shares … … … 38 41 43 52 British government securities … … … 13 7 15 3 Land property and ground rents … … … 9 10 18 17 Other … … … 40 42 24 28 Life assurance Total investment £m.† … … … 633 611 682 791 Percentage invested in: Preference and ordinary shares … … … 11 11 3 19 British government securities … … … 9 5 32 16 Land property and ground rents … … … 15 19 15 16 Other … … … 65 65 50 49 Investment trusts Total investment £m. … … … 31 67 74 139 Percentage invested in: Preference and ordinary shares … … … −87 48 154 75 British government securities … … … 77 13 −47 −8 Land property and ground rents … … … — — — — Other … … … 110 39 −7 33 Unit trusts Total investment £m. … … … 67 105 83 247 Percentage investment in: Preference and ordinary shares … … … 96 93 107 82 British government securities … … … 3 2 −8 — Land property and ground rents … … … — — — — Other … … … 1 5 1 18 Property Unit Trusts Total investment £m. … … … — — 30‡ 51 Percentage invested in: Preference and ordinary shares … … … — — British government securities … … … — — Land property and ground rents … … … 57 78 Other … … … 43 22 Pension funds* 1969 1970 1971 1972 Total investment £m.† … … … 552 665 751 973 Percentage invested in: Preference and ordinary shares … … … 42 60 55 62 British government securities … … … 1 −3 36 2 Land property and ground rents … … … 20 14 11 12 Other … … … 37 29 −2 24 Life assurance Total investment £m.† … … … 751 817 964 1,251 Percentage invested in: Preference and ordinary shares … … … 16 26 30 42 British government securities … … … 16 10 43 20 Land property and ground rents … … … 24 25 20 10 Other … … … 44 39 7 28 Investment trusts Total investment £m. … … … 31 −23 139 603 Percentage invested in: Preference and ordinary shares … … … −332 −43 93 68 British government securities … … … 142 −83 27 −3 Land property and ground rents … … … — — — — Other … … … 290 26 −20 35
1969 1970 1971 1972 Unit trusts Total investment £m. … … … 177 84 98 297 Percentage investment in: Preference and ordinary shares … … … 90 75 89 50 British government securities … … … 7 1 2 −3 Land property and ground rents … … … — — — — Other … … … 3 24 9 53 Property Unit Trusts Total investment £m. … … … 41 36 45 69 Percentage invested in: Preference and ordinary shares … … … — — — — British government securities … … … — — — — Land property and ground rents … … … 105 69 51 57 Other … … … −5 31 49 43 * Sum of public sector (including local authorities) and private sector funds; no figures are available for private sector funds prior to 1963; there is a revised sample for the private sector pension funds from 1967. † Total investment is net of current liabilities, for life assurance funds and private sector pension funds. ‡ Consists of the 21 months March 1966 to December 1967. N/A = Not available. Sources:
Financial Statistics.
Board of Trade Journal.
Bank of England Statistical Abstract No. 1.