UK Investment and Pensions
Since coming into power, the Labour government has been busy working to deliver promises made in its manifesto. One was a Pensions Review, which was announced in August. While this was widely welcomed by the industry, the choice to reserve the power to influence investment decision continues to be met with criticism. Meanwhile a second part of the review, which focuses on pensions adequacy, has been criticised for taking too long.
Pension Funds in the UK - Country Report
UK country report 2025: Defined benefit pension schemes face surplus unlock dilemma
Defined benefit pension schemes could face some tough decisions on how to deal with surpluses if planned legislative changes to ease access come into effect
TOP UK PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Universities Superannuation Scheme | 91,753,728
- Rothesay Life | 85,363,900
- Pension Insurance Corporation | 61,436,725
- NEST | 58,660,261
- Railways Pension Scheme | 40,620,140
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Investor Forum backs new best-practice principles for pass-through voting
Clarity, oversight and transparency are key to effective pass-through voting, says London School of Economics (LSE) study
New framework launched to improve UK asset owner-issuer engagement
The Investor & Issuer Forum Compass sets out five enabling conditions for more effective engagement
Avon pension fund to stay in defence, share member views with new pool
Pension fund decided to review investment in aerospace and defence sector following petitions for divestment from companies supplying Israel
UK government consults on raising trustee standards
DWP’s consultation puts forward proposals to increase knowledge and understanding requirements for trustees, and to improve trust board diversity
WTW’s master trust commits £400m to carbon transition credit fund
The investment is expected to rise to £1bn by 2027
UK master trusts invest £350m in public-private corporate credit ELTAF
Plus: Schroders Capital invests €100m seed capital in own ELTIF
Aviva launches solution for DB surplus transfers to DC funds
Surplus transfers could become a realistic option for some pension funds earlier than expected, Aviva says
Pensions UK revises voting guidelines to strengthen expectations
Three themes emerged as having particular relevance for 2026: capital issuance, nature and biodiversity, and cyber risk governance
WTW to acquire Cushon master trust
The acquisition adds £4bn in assets under management to WTW’s portfolio
TOP MANAGERS: UK INSTITUTIONAL ASSETS
Company | Assets (€m)
- BlackRock | 827,510
- L&G Asset Management | 782,430
- Insight Investment | 482,937
- Schroder Investment Management | 217,864
- Aberdeen Investments | 219,358
- State Street Global Advisors | 187,754*
- Aviva Investors | 173,518
- JPMorgan Asset Management | 124,059**
- Mercer | 74,098*
- Goldman Sachs Management | 66,631
As at 31.12.24, *31.3.25, **28.2.25
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
IPE BEST PENSION FUND IN THE UK AWARD WINNERS
- 2024 - Environment Agency Pension Fund
- 2023 - Pension Protection Fund
- 2022 - Greater Manchester Pension Fund | Pension Protection Fund
- 2021 - BTPS
- 2020 - Environment Agency Pension Fund
Interviews
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Australia’s retirement savings model is shaping the UK’s investment future
Deeper pensions and investment ties between Australia and the UK make sense, says Gregg McClymont, IFM Investors’ executive director of public affairs, EMEA
UK pensions and private markets: the Mansion House Accord’s promise and perils
The task of channeling more UK DC pension savings towards domestic private markets is fraught with institutional, regulatory and cultural obstacles
Investor Forum backs new best-practice principles for pass-through voting
Clarity, oversight and transparency are key to effective pass-through voting, says London School of Economics (LSE) study
New framework launched to improve UK asset owner-issuer engagement
The Investor & Issuer Forum Compass sets out five enabling conditions for more effective engagement
Avon pension fund to stay in defence, share member views with new pool
Pension fund decided to review investment in aerospace and defence sector following petitions for divestment from companies supplying Israel
UK government consults on raising trustee standards
DWP’s consultation puts forward proposals to increase knowledge and understanding requirements for trustees, and to improve trust board diversity
WTW’s master trust commits £400m to carbon transition credit fund
The investment is expected to rise to £1bn by 2027
UK master trusts invest £350m in public-private corporate credit ELTAF
Plus: Schroders Capital invests €100m seed capital in own ELTIF
Aviva launches solution for DB surplus transfers to DC funds
Surplus transfers could become a realistic option for some pension funds earlier than expected, Aviva says
Pensions UK revises voting guidelines to strengthen expectations
Three themes emerged as having particular relevance for 2026: capital issuance, nature and biodiversity, and cyber risk governance
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