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
LGPS reform: industry warns against expanded pool powers
Pensions UK highlights risks to local accountability and fiduciary responsibilities, while LGPS SAB raises concerns about responsible investment
Forward-looking metrics, four-point ratings system in new UK value for money proposals
Proposals are now formally also aimed at occupational trust-based pension schemes
IPE UK Briefing: Government to widen fiduciary duty guidance for pension trustees
DWP’s consultation puts forward proposals to increase knowledge and understanding requirements for trustees, and to improve trust board diversity
UK engineering pension fund in £155m buy-in deal with PIC
The transaction covers the benefits of 1,581 scheme members
XPS Group finds sharp decline in green ratings among fiduciary managers
Consultancy says trustees can no longer rely on statements alone, but need evidence of integration, escalation, and impact
Further M&A activity expected in UK pension and risk transfer market
Three of the 11 insurers active in the bulk annuity market announced acquisitions by international insurers in 2025
LGPS reshuffle cuts pools from eight to six, but consolidation pressure persists
Around £108.7bn of assets under management was moved as a result of government-led consolidation
UK pensions regulator paves way for multi-employer CDC
TPR’s Nausicaa Delfas says the regulator is ‘determined to help turn a savings system into a pension system which provides a sustainable income through later life’
Aegon UK to extend private markets approach to £12bn LifePath default
The move is part of Aegon UK’s roadmap to align its Universal Balanced Collection and Aegon LifePath workplace default strategies
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
LGPS reform: industry warns against expanded pool powers
Pensions UK highlights risks to local accountability and fiduciary responsibilities, while LGPS SAB raises concerns about responsible investment
Forward-looking metrics, four-point ratings system in new UK value for money proposals
Proposals are now formally also aimed at occupational trust-based pension schemes
IPE UK Briefing: Government to widen fiduciary duty guidance for pension trustees
DWP’s consultation puts forward proposals to increase knowledge and understanding requirements for trustees, and to improve trust board diversity
UK engineering pension fund in £155m buy-in deal with PIC
The transaction covers the benefits of 1,581 scheme members
XPS Group finds sharp decline in green ratings among fiduciary managers
Consultancy says trustees can no longer rely on statements alone, but need evidence of integration, escalation, and impact
Further M&A activity expected in UK pension and risk transfer market
Three of the 11 insurers active in the bulk annuity market announced acquisitions by international insurers in 2025
LGPS reshuffle cuts pools from eight to six, but consolidation pressure persists
Around £108.7bn of assets under management was moved as a result of government-led consolidation
UK pensions regulator paves way for multi-employer CDC
TPR’s Nausicaa Delfas says the regulator is ‘determined to help turn a savings system into a pension system which provides a sustainable income through later life’
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