United Kingdom
In-depth reports, interviews, briefings, news and market data on pensions and institutional investment in the United Kingdom
UK regulators launch value for money framework for DC schemes
Framework to allow trustees to compare costs and charges, investment performance and service standards
LCP completes £2bn of small scheme buy-ins and buy-outs
Smaller transactions can achieve competitive pricing
UK green Gilt not green enough, says Triodos
Triodos IM will not invest in the first UK green Gilt that will be issued next week
Country report UK
The UK’s Pension Schemes Act was finally signed in February 2021, after nearly two years of negotiations in parliament that were severely disrupted by elections, Brexit-related negotiations and the COVID-19 pandemic. The new rules have given the Pensions Regulator (TPR) new powers that could see it intervene in corporate actions such as mergers and acquisitions, as we analyse in this report. The report also looks at other key topics impacting the UK pensions sector, including DB funding, climate change, risk management and pension dashboards.
National Grid awards outsourced investment mandate to Russell
The mandate is thought to be one of the largest to date in the UK
Asset pooling can deliver additional value to LGPS funds – study
Governance is critical to any well-run pension scheme
Asset owner unpreparedness for transition could lead to asset ‘misallocation’
Climate change represents a material financial risk for all investments
Charities urged to act to avoid pension rules pitfalls
The regulator is expected to issue its second consultation on the new rules later this year
Kempen lands Uniper UK fiduciary mandate
The £570m scheme is part of the industry-wide Electricity Supply Pension Scheme group
Size of UK schemes converting to fiduciary management surges in H1
IC Select makes findings of its annual fiduciary management surveys public for the first time
Inflation-linked strategies could lead to UK schemes losing £200bn in returns
DB funds currently have £550bn invested in Gilts linked to the retail price index
London scheme invests £520m in LGIM Paris-aligned equity index fund
Plus: GAM launches climate bond strategy targeting issuance from ‘pivotal’ banking sector
UK suspends ‘triple lock’ state pension policy for one year
‘Double lock’ formula instead as government to disregard anomalous COVID-linked earnings data
Pensions Dashboard Programme appoints Capgemini amid delivery doubts
Latest PMI Pulse survey shows scepticism that industry will deliver pensions dashboard by 2023 target date
UK regulator names first signatories of tougher stewardship code
Asset manager applicants drag down pass rate to around two-thirds
UK workplace pension participation at 88%, gaps remain
Commentators flag ‘woefully’ low contributions, participation gaps among self-employed, ethnic groups
Fujitsu General UK scheme in buy-in deal with Aviva
The deal secures DB liabilities of £7.7m (€9m) for all deferred plan members and their dependants
USS to consider JNC decision as union warns of industrial action
Negotiating committee decides to progress employers’ proposal for USS changes
UK lifeboat fund confirms COVID levy payment window extension
Schemes and sponsoring employers can apply for the payment extension within 28 days of receiving their levy notice
Pensions association calls for focus on next regs of CMP schemes
The current scope of regulations includes single employers and connected employers
Risk transfer: A story of pent-up demand
Next year’s transaction values could exceed 2019’s record as trustees’ attention turns to future longevity
UK Micro Caps: Below the line of abandonment
Kestrel Partners exploits a structural inefficiency in the UK’s micro-cap market
How we run our money: The People’s Pension
In a valedictory interview, Nico Aspinall, outgoing CIO of The People’s Pension, talks to Carlo Svaluto Moreolo about running one of UK’s largest occupational defined contribution pension schemes
Policy underpins action
Politicians in a variety of different places understandably want to harness the capital of institutional investors. Dutch and UK politicians in particular have made no secret of their desire for local pension funds to invest for domestic ends.
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