UK Investment and Pensions
The passage of the Pension Schemes Bill in April has set the UK pensions industry on a new course, with schemes now preparing for a wide-ranging programme of reforms across defined contribution (DC) and defined benefit (DB) provision. For DC schemes, the focus is shifting towards consolidation and scale, with minimum size requirements for default arrangements due from 2030 and a Value for Money (VfM) framework being phased in from 2028. The expansion of collective defined contribution (CDC) provision is also moving ahead, with multi-employer legislation coming into force in July and retirement CDC draft regulations expected later this year, before coming into force in 2028. DB schemes are meanwhile preparing for new endgame options, including surplus extraction and a permanent superfund regime, alongside wider changes to governance and regulation. With implementation now moving from legislation to delivery, the coming years will be defined by how schemes adapt to a rapidly changing pensions landscape.
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 2026
Pension fund/entity | Assets (€’000)
- Universities Superannuation Scheme | 96,706,680
- Rothesay Life | 84,470,994
- NEST | 79,370,403
- Pension Insurance Corporation | 62,836,612
- The People’s Pension | 46,050,800
- Railways Pension Scheme | 41,576,087
- GlaxoSmithKline plc | 40,409,577
- Strathclyde Pension Fund (LGPS) | 38,247,492
- BT Group plc | 36,968,431
- Pension Protection Fund (PPF) | 36,840,640
©IPE Research; View the Top 1000 European Pensions Funds 2026 for a comprehensive market overview
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
LCP calls for defined benefit schemes to rethink de-risking in run-on
DB schemes pursuing run-on should rethink traditional de-risking strategies, which could otherwise destroy long-term value, LCP argues
Pension savers seek clearer picture of infrastructure investments
Research by IFM Investors, NEST and Border to Coast shows 82% of pension savers want more information on infrastructure investment
Pension industry warns UK’s Value for Money framework could drive investment herding
Pension industry urges robust data, realised outcomes and safeguards against investment herding in response to government consultation
UK small-pot consolidation faces major operational challenge, consultants warn
More than 13m deferred small pots worth £4bn could be consolidated, but industry warns implementation will be complex
UK defined benefit funding strengthens as recovery plans shorten sharply
A stronger funding position is giving UK trustees greater choice over endgame strategies, while recovery plans continue to shorten
New research exposes blind spots in LGPS pension gap reporting
New research shows ethnicity and gender together can significantly widen pension gaps among Local Government Pension Scheme members, raising data concerns
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
LCP calls for defined benefit schemes to rethink de-risking in run-on
DB schemes pursuing run-on should rethink traditional de-risking strategies, which could otherwise destroy long-term value, LCP argues
Pension savers seek clearer picture of infrastructure investments
Research by IFM Investors, NEST and Border to Coast shows 82% of pension savers want more information on infrastructure investment
Pension industry warns UK’s Value for Money framework could drive investment herding
Pension industry urges robust data, realised outcomes and safeguards against investment herding in response to government consultation
UK small-pot consolidation faces major operational challenge, consultants warn
More than 13m deferred small pots worth £4bn could be consolidated, but industry warns implementation will be complex
UK defined benefit funding strengthens as recovery plans shorten sharply
A stronger funding position is giving UK trustees greater choice over endgame strategies, while recovery plans continue to shorten
New research exposes blind spots in LGPS pension gap reporting
New research shows ethnicity and gender together can significantly widen pension gaps among Local Government Pension Scheme members, raising data concerns
Spotlight on UK LGPS: Border to Coast’s £120bn scale opens door to deeper global partnerships
Seven new funds take Border to Coast to £120bn, creating scale for investment and global partnerships
Scottish LGPS target £3.4bn allocation to local investments
Based on the funds’ combined assets of around £67bn at 31 March 2025, the allocation would be worth around £3.35bn
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