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
UK urged to stay ‘open-minded’ on CDC as employer interest grows
First Bus, the UK’s largest transport operator, is watching the development of collective defined contribution ‘with interest’
UK Lords vote to scrap ‘mandation’ power from pensions bill
Peers remove investment powers from Pension Schemes Bill, casting doubt on plans to boost domestic growth funding
UK government announces expert group to work on fiduciary duty guidance
Guidance is intended to clarify how fiduciary duty applies in the context of systemic risks and opportunities, such as climate change
Smart Pension unveils UK-first human capital benchmark for £4.4bn equity fund
The pensions provider partnered with Denominator to analyse leadership diversity, workforce practices, employee turnover, and pay gaps
Railpen steps up focus on water and biodiversity
UK pension scheme will publish engagement plans over coming months
University of Bristol pension fund appoints fiduciary manager
The £220m mandate was awarded to Van Lanschot Kempen
UK DC consolidation accelerates as regulator steps up pressure on small schemes
Latest data by The Pensions Regulator shows that number of DC pension funds has decreased by 15% to 790 in 2025
‘Overall costs in pooled funds often rising,’ LCP fees survey finds
In many asset classes, median Ongoing Charges Figures have risen even as median Annual Management Charges fall
Diversity Project relaunches as Inclusion in Finance to focus on cognitive diversity
Inclusion in Finance rebrands, shifting focus to cognitive diversity and global coordination across 130 firms
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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UK urged to stay ‘open-minded’ on CDC as employer interest grows
First Bus, the UK’s largest transport operator, is watching the development of collective defined contribution ‘with interest’
UK Lords vote to scrap ‘mandation’ power from pensions bill
Peers remove investment powers from Pension Schemes Bill, casting doubt on plans to boost domestic growth funding
UK government announces expert group to work on fiduciary duty guidance
Guidance is intended to clarify how fiduciary duty applies in the context of systemic risks and opportunities, such as climate change
Smart Pension unveils UK-first human capital benchmark for £4.4bn equity fund
The pensions provider partnered with Denominator to analyse leadership diversity, workforce practices, employee turnover, and pay gaps
Railpen steps up focus on water and biodiversity
UK pension scheme will publish engagement plans over coming months
University of Bristol pension fund appoints fiduciary manager
The £220m mandate was awarded to Van Lanschot Kempen
UK DC consolidation accelerates as regulator steps up pressure on small schemes
Latest data by The Pensions Regulator shows that number of DC pension funds has decreased by 15% to 790 in 2025
‘Overall costs in pooled funds often rising,’ LCP fees survey finds
In many asset classes, median Ongoing Charges Figures have risen even as median Annual Management Charges fall
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