UK – The National Association of Pension Funds (NAPF) has welcomed the Company Law Review Steering Group’s report calling for the “radical modernisation of UK company law”.

The report, in which the NAPF had input, has been passed to the Department of Trade and Industry (DTI) and the association hopes that some from of draft legislation will appear next year.

Andy Fleming, NAPF press officer and PR manager, says that whilst there are no pension specific restrictions under existing laws, pension funds were affected by virtue of their investments in UK companies, which are affected directly.

““In broader terms, UK companies could become more competitive if many of the old, unchanged Victorian laws were reformed. Pension funds definitely stand to benefit from this improved trading environment,” he says.