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
UK country report 2025: Defined benefit pension schemes face surplus unlock dilemma
Defined benefit pension schemes could face some tough decisions on how to deal with surpluses if planned legislative changes to ease access come into effect
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
Pension capital taps UK venture via British Business Bank growth fund
Aegon UK, Cushon Master Trust, M&G and the British Business Bank commit £200m to UK venture capital
Standard Life launches private markets-focused pension default
Future Opportunities is latest evolution of the provider’s sustainable multi-asset strategy and builds on existing lifestyle strategy, incorporating access to private markets
People’s Pension drops 1.5°C portfolio target due to real-world inconsistency
Master trust says it will continue to have net-zero ambition aligned with Paris Agreement but that this will be implemented bottom-up
More than half of UK SMEs worry staff are disengaged with pensions
45% of UK SMEs said improved communication would help strengthen both member engagement and retention
UK local authority funds earmark 3-5% of assets to local investments
West Midlands Pension Fund and the South Yorkshire Pensions Authority have updated their respective investment strategy statements
L&G dominates UK pension risk transfer market with 27% share
The UK PRT market has reached a record-breaking 367 buy-ins totalling £38.2bn in 2025
BP ballot row: a test for UK shareholder democracy?
Will the oil and energy giant get away with blocking a climate shareholder resolution?
UK authority embraces supervision as ESG frameworks mature
Financial Conduct Authority signals end of rule-heavy ESG phase, prioritising supervision and embedding existing sustainability frameworks
Essentra pension plan completes £104m buy-in deal with Aviva
The transaction, which secures benefits of both deferred and pensioner members, is the second deal between Aviva and the plan’s trustees
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
- 2024 - Environment Agency Pension Fund
- 2023 - Pension Protection Fund
- 2022 - Greater Manchester Pension Fund | Pension Protection Fund
- 2021 - BTPS
- 2020 - Environment Agency Pension Fund
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Pension capital taps UK venture via British Business Bank growth fund
Aegon UK, Cushon Master Trust, M&G and the British Business Bank commit £200m to UK venture capital
Standard Life launches private markets-focused pension default
Future Opportunities is latest evolution of the provider’s sustainable multi-asset strategy and builds on existing lifestyle strategy, incorporating access to private markets
People’s Pension drops 1.5°C portfolio target due to real-world inconsistency
Master trust says it will continue to have net-zero ambition aligned with Paris Agreement but that this will be implemented bottom-up
More than half of UK SMEs worry staff are disengaged with pensions
45% of UK SMEs said improved communication would help strengthen both member engagement and retention
UK local authority funds earmark 3-5% of assets to local investments
West Midlands Pension Fund and the South Yorkshire Pensions Authority have updated their respective investment strategy statements
L&G dominates UK pension risk transfer market with 27% share
The UK PRT market has reached a record-breaking 367 buy-ins totalling £38.2bn in 2025
BP ballot row: a test for UK shareholder democracy?
Will the oil and energy giant get away with blocking a climate shareholder resolution?
UK authority embraces supervision as ESG frameworks mature
Financial Conduct Authority signals end of rule-heavy ESG phase, prioritising supervision and embedding existing sustainability frameworks
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