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
Pensions in the UK report 2026: Reforms courting controversy
The new Pension Schemes Act has sparked concerns that it hands too much control to the government
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
IPE UK Briefing: government and regulator publish roadmaps; NEST builds VC footprint
Key policy documents published, setting out next phase of pensions reform
Aon to introduce whole-life multi-employer CDC section to its master trust
Until now, only TPT Retirement had confirmed plans to launch multi-employer CDC
AGM season 2026: how boards, ballots and regulators have reshaped shareholder rights
Shareholder rights have come under pressure as fewer US proposals reach ballots and European voting failures expose deeper systemic weaknesses
Aon launches Future DB to support schemes’ endgame preparation
Sixty-three per cent of schemes have reached, or expect to reach, their target funding level within five years
Asset owner August insights: collaboration and equity risk
Read what’s topped the agenda of the European pension fund community over the past month, from regulation, private market deals, headline hires and asset allocation.
Elementis Group pension fund completes £300m buy-in with Aviva
The transaction secures the benefits of 4,500 members of the scheme
Multi-employer CDC enters new phase as industry warns execution will be key
The multi-employer collective defined contribution regulations went live on 21 July
#31 Leaders in Investment podcast: Chris Hitchen – Chair of the Nuclear Liabilities Fund
In conversation with Liam Kennedy, Editorial Director, IPE
Hickson Group’s pension fund completes £208m bulk purchase annuity transaction
The transaction, completed with Royal London, secures the benefits of more than 1,250 members of the scheme
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
- 2025 - Greater Manchester Pension Fund
- 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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Dear CIOs: We need to talk about capital profile
In his latest column for IPE, Dan Mikulskis, CIO at the provider of the £40bn (€46bn) DC master trust People’s Pension, argues that those looking to make investment opportunities attractive to capital need to appreciate the importance of different investors’ capital profile
When pension professionals hold the key to a nation’s fortunes
Jos Vermeulen, head of solution design at Insight Investment, says a well-designed DB surplus regime could be a win-win on many levels
IPE UK Briefing: government and regulator publish roadmaps; NEST builds VC footprint
Key policy documents published, setting out next phase of pensions reform
Aon to introduce whole-life multi-employer CDC section to its master trust
Until now, only TPT Retirement had confirmed plans to launch multi-employer CDC
Aon launches Future DB to support schemes’ endgame preparation
Sixty-three per cent of schemes have reached, or expect to reach, their target funding level within five years
Elementis Group pension fund completes £300m buy-in with Aviva
The transaction secures the benefits of 4,500 members of the scheme
Multi-employer CDC enters new phase as industry warns execution will be key
The multi-employer collective defined contribution regulations went live on 21 July
Hickson Group’s pension fund completes £208m bulk purchase annuity transaction
The transaction, completed with Royal London, secures the benefits of more than 1,250 members of the scheme
Aston Martin pension fund speeds through £180m full buy-in with Aviva
The transaction secures the benefits of 540 pensioners and 1,050 deferred members
PPF consults on updated DB scheme valuation assumptions
The consultation follows a review of bulk annuity market pricing, which found pricing had become more competitive since the PPF’s last detailed review
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