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
UK Nuclear Liabilities Fund selects Brookfield to manage initial $1bn
The mandate is designed around the multi-decade nature of the fund’s liabilities associated with decommissioning eight of the UK’s nuclear power stations
NEST delivers on Mansion House commitments, urging signatories to follow
NEST delivers on Mansion House’s Compact and Accord commitments, with CIO Liz Fernando calling on other signatories to start delivering on their commitments
UK pensions industry urges rethink of general levy as costs rise
Pensions UK warns proposed levy increases could undermine consolidation, member outcomes and value-for-money assessments across pension funds
Norfolk Pension Fund makes leadership hires to meet LGPS reform requirements
Appointments strengthen fund’s governance arrangements and provide clear senior leadership alongside independent oversight, says fund
UK pensions industry backs scale drive but warns against rigid rules
Government plans to launch formal consultation on scale policy in the second half of 2027
Investors warn UK reporting reforms could weaken shareholder rights
UK government launches consultation on streamlined corporate reporting, including virtual-only AGMs
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
UK Nuclear Liabilities Fund selects Brookfield to manage initial $1bn
The mandate is designed around the multi-decade nature of the fund’s liabilities associated with decommissioning eight of the UK’s nuclear power stations
NEST delivers on Mansion House commitments, urging signatories to follow
NEST delivers on Mansion House’s Compact and Accord commitments, with CIO Liz Fernando calling on other signatories to start delivering on their commitments
UK pensions industry urges rethink of general levy as costs rise
Pensions UK warns proposed levy increases could undermine consolidation, member outcomes and value-for-money assessments across pension funds
Norfolk Pension Fund makes leadership hires to meet LGPS reform requirements
Appointments strengthen fund’s governance arrangements and provide clear senior leadership alongside independent oversight, says fund
UK pensions industry backs scale drive but warns against rigid rules
Government plans to launch formal consultation on scale policy in the second half of 2027
Investors warn UK reporting reforms could weaken shareholder rights
UK government launches consultation on streamlined corporate reporting, including virtual-only AGMs
Warwickshire pension fund appoints Northern Trust as asset servicer
Northern Trust will support the fund with asset servicing capabilities that bring custody data, reporting and performance information together
TPT Retirement Solutions expects up to 14,000 members for CDC scheme launch
TPT has been developing its CDC proposition for around three years and plans to launch in mid-2027
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