UK

It is probably not an overstatement to suggest the UK is facing the biggest challenge for 70 years.

Do not receive the funding required to grow

Dividends can count for 90% of returns

Broadening distribution key

Expectations of a move higher

What is wrong with pensions? Too complex, too expensive, deficits too wide, members don't save enough, too much regulation, too many unscrupulous employers, too many lazy members, too much interference from politicians.

Follows hire of Ennett

To be managed by William Lock

By Mike Riddell, fund manager at Allianz Global Investors.

Previously co-manager on UK Alpha fund