Smith addressed the NAPF Conference 2015
Tom Walker and Hugo Machin, managers of the Schroder Global Real Estate Investment Trust, explain how the need for liquidity is changing how, and where, funds invest in the property sector.
Pension funds are uninterested in the Chancellor's rumoured 100-year gilt issue and have called for other maturities to be issued insted.
Encouraging people to save is seldom easy, least of all when inflation is eating into the purchasing power of capital and returns.