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
Pensions UK revises voting guidelines to strengthen expectations
Three themes emerged as having particular relevance for 2026: capital issuance, nature and biodiversity, and cyber risk governance
WTW to acquire Cushon master trust
The acquisition adds £4bn in assets under management to WTW’s portfolio
New study calls for current DEI practices to shift towards performance-driven model
Professor Alex Edmans urges investors to abandon box-ticking DEI and adopt a performance-driven PSI framework instead
Comet Pension Scheme in £330m buy-in with Canada Life
The transaction secures the benefits of 4,500 members of the fund
Church of England Pensions Board introduces stricter rules on defence investing
New policy responds to paper from its Ethical Investment Advisory Group and a survey of scheme members’ views
Lloyds Banking Group pension funds strike three more longevity swaps
The transactions protect a further £4.8bn of liabilities
Smart Pension adds £650m to AUM with pension trust bulk transfer
Smart Pension targets £10bn in AUM in the first half of 2026
Railpen to challenge companies undermining shareholder rights in 2026 votes
The fund’s 2026 voting policy tightens scrutiny of corporate lobbying that undermines shareholder rights and long-term value
IPE UK Briefing: Bond markets react to chancellor’s Budget
Plus: LGPS consolidation and The People’s Pension investment strategy
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
Interviews
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Australia’s retirement savings model is shaping the UK’s investment future
Deeper pensions and investment ties between Australia and the UK make sense, says Gregg McClymont, IFM Investors’ executive director of public affairs, EMEA
UK pensions and private markets: the Mansion House Accord’s promise and perils
The task of channeling more UK DC pension savings towards domestic private markets is fraught with institutional, regulatory and cultural obstacles
Pensions UK revises voting guidelines to strengthen expectations
Three themes emerged as having particular relevance for 2026: capital issuance, nature and biodiversity, and cyber risk governance
WTW to acquire Cushon master trust
The acquisition adds £4bn in assets under management to WTW’s portfolio
New study calls for current DEI practices to shift towards performance-driven model
Professor Alex Edmans urges investors to abandon box-ticking DEI and adopt a performance-driven PSI framework instead
Comet Pension Scheme in £330m buy-in with Canada Life
The transaction secures the benefits of 4,500 members of the fund
Church of England Pensions Board introduces stricter rules on defence investing
New policy responds to paper from its Ethical Investment Advisory Group and a survey of scheme members’ views
Lloyds Banking Group pension funds strike three more longevity swaps
The transactions protect a further £4.8bn of liabilities
Smart Pension adds £650m to AUM with pension trust bulk transfer
Smart Pension targets £10bn in AUM in the first half of 2026
Railpen to challenge companies undermining shareholder rights in 2026 votes
The fund’s 2026 voting policy tightens scrutiny of corporate lobbying that undermines shareholder rights and long-term value
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