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Investors prepare for future equity markets, IPOs, and challenging governance models
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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
NEST commits £3.5bn to advance emerging markets equity strategy
The new strategy will leverage Wellington’s deep, proprietary fundamental research across countries, sectors and companies in emerging markets
UK regulator drops mandatory climate reporting
Plus: Local Authority Pension Fund Forum calls for votes on transition plans
Rothesay leads pension risk transfer market in first half with 28% market share
Number of insurers bidding on transactions increase by around 50%, says LCP
Arco Group pension fund completes £135m transfer to Clara-Pensions
The agreement forms part of a wider corporate transaction involving Arco, demonstrating the role superfunds can play in supporting M&A
UK government urged to set clear timetable for increasing automatic contributions
Pensions UK research shows support from public and employers for increasing automatic contributions
Charts watch: US employment shows resilience, inflation to peak in US this year but outlook for EU inflation worsening
US non-farm payrolls surprised to the upside in August, topping 159m, showing the resilience of US employment in the face of economic headwinds, as prices and borrowing costs spike upwards.
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
NEST commits £3.5bn to advance emerging markets equity strategy
The new strategy will leverage Wellington’s deep, proprietary fundamental research across countries, sectors and companies in emerging markets
UK regulator drops mandatory climate reporting
Plus: Local Authority Pension Fund Forum calls for votes on transition plans
Rothesay leads pension risk transfer market in first half with 28% market share
Number of insurers bidding on transactions increase by around 50%, says LCP
Arco Group pension fund completes £135m transfer to Clara-Pensions
The agreement forms part of a wider corporate transaction involving Arco, demonstrating the role superfunds can play in supporting M&A
UK government urged to set clear timetable for increasing automatic contributions
Pensions UK research shows support from public and employers for increasing automatic contributions
Institutional investors commit £50m to back platform investing in Britain’s scale-ups
British Business Bank and NatWest commit £50m to Phoenix Court to support British science and technology companies from seed to scale-up
Regulator to back industry efforts to remove barriers for UK growth investment
The Pensions Regulator’s report found that while pension schemes want to invest in UK growth, they face practical barriers
UK DC consolidation could channel up to £200bn into private markets
Consolidation could give larger DC schemes capacity to diversify across private equity, credit, infrastructure and UK assets
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