Dame Amanda Blanc, Managing Director of Aviva, has warned that the award of government authorization to force pension funds to invest in British assets would be a serious misstep and to describe a step as a “shelter to crack”.

On Thursday, Blanc insisted that defined contribution pensions have to be invested in the best interests of individual savers, and that all efforts to force systems to assign capital for certain British assets would force this principle.

Your comments come in the middle of rising tensions between the Ministry of Finance and the pension industry via the Mansion House Accord, a voluntary agreement that was signed this week by 17 of the largest pension providers at the Great Britain work, including Aviva, Legal & General, Aegon and Phoenix.

As part of the agreement, the providers undertook to assign at least 10% of their failure pension funds to private markets by 2030. Half of £ 25 billion in British assets such as infrastructure, start-ups and other private investments.

While the Ministry of Finance estimates that the promise could generate 50 billion pounds of new investments, it has proven that an impending government review can recommend providing asset assignments if the providers do not achieve their goals.

Blanc has given back the proposal: “Mandation, we don’t believe, is the right thing. The government has to take into account the unintentional consequences. There is a whole chain of people – employees, employees, employees – who have to change behavior, not just pension funds.”

“It is like a sledge hammer to crack a nut. You have to be able to bring everyone on board to do the right thing.”

In the warning, the growing discomfort in the pension industry is emphasized that government interventions with the trust obligations are in conflict and may force them to make investment decisions that are not in the best interest of the members of the program.

While Chancellor Rachel Reeves said that she was not of the opinion that the mandation is necessary, she in particular refused to rule out it and reporters at the beginning of this week: “I will never say, but I don’t think it is necessary.”

This ambiguity has triggered a counter -reaction of several important signatories to the Mansion House Accord, including Royal London, Aon and Mercer, who argue that pension funds have to keep autonomy to invest in a way that serves the savers.

As part of the voluntary program, the pension funds made it clear that their obligations are conditional – significantly on the trust and is dependent on regulatory measures in order to eliminate obstacles to private market investments.

The debate takes place when the government is looking for ways to mobilize domestic capital in the long term in order to promote economic growth and support the national priorities. However, the industry leaders warn that the undermining of independence from pension funds could backfire.

Blanc made her comments when Aviva reported a strong trade in the first quarter, with the general insurance premiums rising 9% to £ 2.9 compared to the previous year. The company is currently navigating a takeover of 3.7 billion GBP of the direct line, and the competitive and marketing authority confirmed that it has started a preliminary investigation. Blanc said the investigation was expected and would not delay the deal that is supposed to complete in the middle of the year.

While the Ministry of Finance is preparing for the publication of its pension investment check, Blanc’s comments should influence the design of the debate – and possibly increase the pressure on the government to make a legal requirement from investing in British assets.