Merryn Somerset Webb

I mean, here you're looking at something with this extraordinary level of AUM with going on 14 million UK workers invested in it.

And maybe you would say, well,

Well, you know, if the people who hold this pension fund are already working for the big UK companies, then maybe we should diversify them by holding equities abroad.

I mean, that would be one way of looking at it, I guess.

But I'd be more likely, I think, to think, well, hang on a sec.

With all this money, you could have a genuine influence on the UK market were you to decide to use it.

maybe this is another thing.

And this, for those of you running Nest Pensions, this is active advice.

Why don't you send emails to everybody invested in all your giant funds and ask them what they would like?

Would they like you maybe to invest less in American private equity and private credit and maybe a bit more in already listed, not particularly expensive UK equity?

It's just an idea, but we're

We're super pro-shelter democracy, aren't we, John?

Yeah, right.

There's one other thing I wanted to talk about today.

And it's kind of connected, actually.

It's about be knowledgeable, be aware, be on top of this stuff.

Know what is happening to your investments.

And, you know, John, nobody hates admin more than I do.

You don't even hate admin as much as I do, right?

I reckon we could find it.