British pensioners are getting a boost from Trump’s election victory

British pension savers will benefit from the election of Donald Trump, the head of a major pensions company says.

Andrew Evans, group director of Smart Pension, said Trump would boost stock markets, delivering returns to pension funds that have money in US assets.

Mr Evans said: “Certainly the US markets have been incredibly bullish in recent days since Trump’s victory and that will benefit many people with pensions in Britain who have put money into US assets, whether they know it or not. ”

Smart Pension, which looks after 1.4 million savers, has 52% of its main fund invested in the US.

The US stock markets jumped in the wake of the election results, when markets were counting on Trump, who had promised to make sweeping corporate tax cuts, to be good for business.

The S&P 500 rose 5% in the days after the election, reaching a record high of 6,001.35 points. It has since fallen to 5,863.69 points, but this is still 2.6 percentage points higher than the day before the election and 12.8 percentage points since August.

The Nasdaq Composite Index also rose to a record high in the days following the election results and is still 2.6% higher than on November 4.

Stocks have risen despite widespread warnings from economists that Trump’s campaign promises to introduce big, mainstream stocks trade tariffs will cause economic damage around the world and driving up inflation.

Mr Evans said: “(Trump’s) policies are going to boost US growth and therefore a lot of assets within US companies, so that will actually benefit the global pension funds.”

Smart Pension is Britain’s fastest growing master trust – a multi-employer pension scheme – with more than £6 billion in assets under management.

Rachel Reeves was in bed last week plans to review workplace pensions and unlocking £80bn of investment by pooling pots to create ‘mega funds’, giving them the firepower to invest in a wider range of assets.

Mr Evans welcomed the plan which he said “fits extremely well with our own mission to transform retirement savings”. Smart Pension is investing 6% of its master fund in private markets and plans to do more, he added.

However, he said the government needed to do more to boost investment in Britain, following the Chancellor’s budget, which included £41.5 billion in tax increases.

“You can try to promote growth, but you have over £40 billion in extra taxes, so it’s going to be difficult to balance that unless you put other structures in place,” Evans said.