UK: Pensions and Investment News and Analysis
Britain’s new Labour government has promised a review of pensions but immediately got itself into hot political water by announcing cuts to a winter heating allowance for retirees. In fact, the priorities of the new chancellor of the exchequer, Rachel Reeves and pensions minister Emma Reynolds, align very strongly with the policies of the previous Conservative administration, which aimed to boost growth by unlocking investment in the UK and making pension funds more efficient – a series of policies collectively known as the Mansion House reforms. For its part, the pensions sector wants the government to focus on consolidation and to increase the minimum contributions under the otherwise successful auto-enrolment system. A new funding code for the sizeable DB pension sector was set to come into force this autumn but transfers of DB pension assets to insurers via bulk annuities or full buyouts continue apace.
Pension Funds in the UK - Country Report
UK Country Report 2024: Is buyout still the gold standard for pension funds?
Improved funding positions mean more DB schemes are considering run-on rather than off-loading their liabilities
TOP UK PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Universities Superannuation Scheme | 91,362,766
- Rothesay Life | 70,498,261
- Pension Insurance Corporation | 54,006,590
- NEST | 46,870,083
- BT Group plc | 42,725,412
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
Consolidation of UK LGPS funds branded ‘hazardously ambitious’
The government plans to consolidate LGPS funds into handful of ‘megafunds’ to allow more investment in infrastructure
Mandating minimum size for DC schemes won’t push for UK investment
Consolidating DC schemes will take a long time, cause massive cost and disruption and may still fail to deliver government’s objectives, says LCP
The People’s Pension targets £4bn private markets investment
The independent master trust aims to appoint a private markets specialist and to create a research capability, initially investing in infrastructure and real estate
Viewpoint: How a DB ‘surplus code’ could support economic growth
David Wrigley, partner at LCP, says supporting the appropriate release of surpluses could provide a shot in the arm to the UK economy
UK welcomes Torsten Bell as new pensions minister
Emma Reynolds is appointed economic secretary to the Treasury in a cabinet reshuffle
TOP MANAGERS: UK INSTITUTIONAL ASSETS
Company | Assets (€m)
- Legal & General Investment Mngt. | 817,085
- BlackRock | 744,072
- Insight Investment | 514,576
- Abrdn | 228,230
- Schroders Investment Management | 219,358
- Aviva Investors | 216,445
- State Street Global Advisors | 209,020**
- JPMorgan Asset Management | 116,988*
- Goldman Sachs Asset Management | 75,557***
- M&G Investment Management | 61,013****
As at 31.12.23, *29.2.24, **31.3.24, ***09.4.24, ****30.6.23
©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
- 2023 - Pension Protection Fund
- 2022 - Greater Manchester Pension Fund | Pension Protection Fund
- 2021 - BTPS
- 2020 - Environment Agency Pension Fund
- 2019 - Pension Protection Fund
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Consolidation of UK LGPS funds branded ‘hazardously ambitious’
The government plans to consolidate LGPS funds into handful of ‘megafunds’ to allow more investment in infrastructure
Mandating minimum size for DC schemes won’t push for UK investment
Consolidating DC schemes will take a long time, cause massive cost and disruption and may still fail to deliver government’s objectives, says LCP
The People’s Pension targets £4bn private markets investment
The independent master trust aims to appoint a private markets specialist and to create a research capability, initially investing in infrastructure and real estate
Viewpoint: How a DB ‘surplus code’ could support economic growth
David Wrigley, partner at LCP, says supporting the appropriate release of surpluses could provide a shot in the arm to the UK economy
UK welcomes Torsten Bell as new pensions minister
Emma Reynolds is appointed economic secretary to the Treasury in a cabinet reshuffle
UK regulator urged to support switch to DB surplus focus for growth drive
TPR and other economic regulators have been called in to Downing Street on Thursday to explain how they will support the government’s growth agenda
PRA to continue scrutiny of funded reinsurance in BPA market in 2025
Regulator will consider ‘further use’ of its powers if firms are not meeting its expectations
PE exits ‘bode well’ for DC pensions market and private market investment
UK government aims to increase pension fund investment in UK private markets
UK investment industry rules out LDI Crisis 2.0 as bond yields soar
UK 10-year Gilt yield rose to 4.93% today following increased borrowing costs from government
Compass Group Pension Plan completes £1.5bn buy-in with Standard Life
The transaction secures the benefits of over 14,000 pensioner members and 11,000 deferred members
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