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
TPT’s view on private credit: A buyer’s choice for private lending
Private credit markets are challenging in the current environment, but they are also evolving
LPPI’s role in the British economy: Investing for real-world outcomes
LPPI CIO, Richard Tomlinson, explains how the £55bn manager thinks about its role in supporting the British economy
Universities fund consults on cutting contribution rate to 16.4% after funding improves
USS’s improved funding position opens consultation on lower contributions while prompting debate over scheme’s long-term direction
UK targets first digital Gilt issuance by early 2027
Central bank will work to make DIGIT eligible as collateral in its market operations
Industry presses Pensions Commission for ambitious auto-enrolment reforms
Industry bodies urge phased auto-enrolment reforms, higher contributions and broader coverage to improve long-term retirement adequacy
Regulatory roadmap aims to steer UK pensions through reforms
The Pensions Regulator’s five-year strategy focuses on sustainable income in retirement
Pensions regulator data shows modest private markets allocations across UK master trusts
Most UK master trusts have private market exposure, but few allocate more than 5% of default assets
UK government proposes phased implementation of Value for Money framework
Master trusts and large schemes will undergo first VfM assessment in 2028, with smaller schemes to follow in 2029
UK government launches consultation process on £25bn DC scale rules
Department for Work and Pensions seeks industry feedback on implementing £25bn DC scale requirements before consulting on detailed regulations in 2027
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
Universities fund consults on cutting contribution rate to 16.4% after funding improves
USS’s improved funding position opens consultation on lower contributions while prompting debate over scheme’s long-term direction
UK targets first digital Gilt issuance by early 2027
Central bank will work to make DIGIT eligible as collateral in its market operations
Industry presses Pensions Commission for ambitious auto-enrolment reforms
Industry bodies urge phased auto-enrolment reforms, higher contributions and broader coverage to improve long-term retirement adequacy
Regulatory roadmap aims to steer UK pensions through reforms
The Pensions Regulator’s five-year strategy focuses on sustainable income in retirement
Pensions regulator data shows modest private markets allocations across UK master trusts
Most UK master trusts have private market exposure, but few allocate more than 5% of default assets
UK government proposes phased implementation of Value for Money framework
Master trusts and large schemes will undergo first VfM assessment in 2028, with smaller schemes to follow in 2029
UK government launches consultation process on £25bn DC scale rules
Department for Work and Pensions seeks industry feedback on implementing £25bn DC scale requirements before consulting on detailed regulations in 2027
UK outlines roadmap for DC assessments, scale reforms and DB changes
Government confirms timelines for DC value-for-money assessments, consolidation reforms, guided retirement and DB surplus measures
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