News in brief... too much tech in funds?

⬤ The big US technology companies – Google, Amazon, Facebook and so on – have delivered impressive returns for investors in recent years, but their performance has also been volatile. New research from PensionBee is therefore striking. It shows that roughly 10% of all definedcontribution pension fund money is invested in these tech giants. Defined-contribution schemes include all individual private pensions as well as most employer-run plans. If you’re saving this way, check your exposure to Big Tech and consider whether you’re happy with it.

⬤ HSBC’s annual general meeting last week saw it face criticism from pensioners angry about the “clawback” feature that some face with its occupational pension scheme. The bank, like many other large employers in the UK, once included this feature as standard. Such schemes pay staff a higher pension if they retire before they are eligible for the state pension, but reduce the income payable once state benefits kick in. Many savers say they had no idea their pensions would be cut in this way.

⬤ Millions of pensioners enjoyed generous inflation-linked increases to their state pension benefits last month. But there was one exception: the 25p weekly supplement paid to the over-80s has not been increased since its introduction in 1971, and there are no plans to raise it. Indeed, time is now running out for the supplement – people turning 80 from around 2030 will no longer qualify for the additional cash.