养老金融周报（2025.06.02-2025.06.08）：英国通过养老金法案，提升养老金系统效率-20250610

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% over the next six months [30]. Core Insights - The UK government has introduced the Pension Schemes Bill, which aims to enhance the efficiency of the pension system through various reforms, including the establishment of "mega funds" and the automatic consolidation of small pension accounts [6][7][8]. - Yale University is planning to sell up to $2.5 billion in private equity assets as part of its "Project Gatsby," marking a significant move in the secondary market and aimed at optimizing asset structure and releasing liquidity [2][9][12]. Summary by Sections UK Pension Schemes Bill - The Pension Schemes Bill includes five key reforms aimed at improving pension management and value for money for members. These reforms include the creation of a framework for merging pension plans into "mega funds" with a minimum size of £25 billion by 2030, and the automatic consolidation of dormant small accounts [6][7][8]. - The bill also emphasizes the integration of local government pension schemes into regional investment pools to enhance local investment in infrastructure and clean energy [7][8]. Yale University's Asset Sale - Yale's asset sale, which is the largest secondary market transaction of the year, is driven by the need to restructure its $41 billion endowment fund in response to potential tax increases on private university endowment earnings [2][9][11]. - The sale involves a "mosaic deal" structure, allowing buyers to select specific fund interests from a pool of assets, reflecting Yale's proactive approach to asset management amid changing tax policies [11][12]. Global Pension Dynamics - The report highlights various global pension dynamics, including Norway's GPFG developing tools to reduce trading costs in fixed income markets, and Kuwait's sovereign fund joining a $30 billion AI infrastructure investment initiative led by BlackRock [5][13][14]. - Malaysia's EPF reported a decline in investment income to approximately $4.3 billion in Q1 2025, attributed to global market volatility [15]. Domestic Pension Developments - In China, the expansion of personal pension financial products has increased the total number to 35, with a focus on enhancing long-term returns for investors [19][20]. - The "Pension Financial Health Index" report indicates that Chinese households are in an accumulation phase regarding pension planning, with a score of 48.56, suggesting a growing awareness of retirement financial planning [21][22].