British pension savers will benefit from the election of Donald Trump, the boss of a major pensions business has said.

Andrew Evans, chief executive of Smart Pension, said Trump would boost stock markets by providing returns for pension funds that have money in US assets.

Mr Evans said: “Certainly the US markets in the last few days since Trump’s victory have been incredibly bullish and that will benefit a lot of UK pensioners who have invested money in US assets, whether they know it or not not. “

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

US stocks rose In the wake of the election, markets bet that Mr. Trump, who had promised to cut corporate taxes, would be good for business.

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

The Nasdaq composite similarly rose to a record high in the days following the election result and is still up 2.6 percent from Nov. 4.

Stocks rose despite widespread warnings from economists that Trump’s campaign promises to introduce big. trade tariffs will wreak economic havoc around the world and increases inflation.

Mr Evans said: “(Trump’s) policies will promote American growth and therefore a lot of assets within American companies, so it actually benefits global pension funds.”

Smart Pension is the UK’s fastest growing master trust – a multi-employer pension scheme – and has over £6 billion under management.

Rachel Reeves went to bed last week workplace pension review plans and free up £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 fit “extremely well with our own mission to transform retirement savings” Smart Pension invests 6% of its core fund in private markets and plans to do more, he added.

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

“You can try to promote growth, but you’ve got over £40 billion in extra tax so it’s going to be difficult to balance that unless you take out other structures,” Mr Evans said.