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<p>The Government’s consultation on restricting ground rents for existing leases ran
from 8 December to 17 January.</p><p>Whilst we will publish a full response shortly,
we can confirm that the general response to the consultation has confirmed that ground
rents represent, at most, a small percentage of total UK pension assets. In addition,
no substantive evidence has been provided within the consultation that suggests that
there is a systemic risk to the operation of pension funds or the financial markets.
Even the sector itself, in its so-called “option 6” alternative, has recognised the
necessity of reform in this policy area.</p><p>Having concluded the consultation and
reviewed the responses provided, we intend to set out the future proposed approach
in this policy area shortly.</p>
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