NCC's thinking is spotlighted in PoliticoPro's Morning Financial Services UK Newsletter.

Who’s asking: Think tank New Capital Consensus has been sharing a manifesto with government departments on the topic which it said would “finish the job” of setting up the goal of funnelling £1 trillion into U.K. productive investments over the next decade. That would be equivalent to 15% of assets from U.K. asset owners.

What they want: In its paper, NCC recommends an exit tax on DC and unit-linked funds that hold less than 30% in U.K. productive assets, applied at the provider level. There would also be tax relief for funds with 10% in U.K. regional productive assets, leaving it tax neutral for the Treasury.

Other asks: The paper also recommends sponsoring 10 to 15 superfunds to each deploy between £30 billion and £50 billion, develop vehicles to link pension funds with mayoral authorities and regions, and allow insurers to set up superfunds outside the Solvency UK ring-fence.

And finally: NCC also called for a “public debate” between government, the Prudential Regulation Authority and accounting standard setters on long-term versus short-term risk, with the value for money framework aligned with productive, primary investment.

In case you forgot: As we reported last week, think tanks like NCC and the Social Market Foundation have been meeting with the Treasury, the Department for Work and Pensions and the Office for Investment to discuss how to push pension investment in the U.K.

Getting hopeful: The suggestion has got plenty in the City excited, with one financial lobbyist telling MFS U.K. that “this has been top of literally every financial lobbyist’ wish list for years.” A former financial services CEO added: “That would be the dream scenario.”

Resistance: Still, pension funds have been resistant to any moves where the government would force them to invest in the U.K. There’s also the question of fiduciary duty, which requires funds to get the best return for their savers. But it’s possible these new proposals might dodge those thornier issues by switching the focus to tax breaks.