Business Matters

Andy Briggs, chief executive of Standard Life, joins the Big Boss Interview to discuss the war in Iran, pension reform,and the growing risk that millions of people are not putting enough aside for later life.Briggs says pension savers should not panic about the conflict in the Middle East, arguing that most economists expect short-term volatility rather than lasting structural damage to investments. Standard Life, which looks after 12 million customers and manages more than £300 billion in assets, believes pensions should be viewed over decades. Workplace retirement saving continued through COVID, the Ukraine inflation shock and the Liz Truss mini-budget fallout, because contributions are taken from gross pay before workers see their wages.Briggs addresses concerns about a potential AI bubble, noting that much of the funding flowing into artificial intelligence is now debt-based, which could create risks if companies fail to generate sufficient cash to service that debt.The new Pension Schemes Act — the bigge