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
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 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
PPF, USS picked to join UK government’s senior-level financial markets forum
The Market Engagement Group is due to meet twice a year, with a maximum of 10 members at each meeting
Dutch pension fund picks Van Lanschot Kempen for €1.25bn fiduciary mandate
Plus: Border to Coast picks AllianceBernstein for equity alpha fund
UK investment pool establishes new leadership team
Northern Local Government Pension Scheme has appointed John Dewey as its chief investment officer
UK consults on DB surplus release rules as industry sees boost for run-on strategies
Draft regulations would allow surplus extraction above low-dependency funding threshold, reshaping defined benefit endgame strategies
Pension groups call for stronger member representation in UK regulator’s strategy
Industry respondents back TPR’s direction but seek stronger safeguards around governance, consolidation and fiduciary duty
DWP extends master trust-style transfer powers to CDC schemes
UK government confirms CDC schemes can receive bulk transfers without consent, prompting early industry support
IPE UK Briefing: Fidelity and L&G see each default fund reach £25bn AUM
Plus: Mansion House Accord anniversary; Venture capital commitment; Pensions Commission urged to be brave; LTAF launch
Pensions UK backs action on adequacy as retirement living costs increase
Updated retirement living standards underline adequacy concerns as auto-enrolment contribution reforms remain under review
LGPS access extended to councillors and mayors in England
The move aligns England with Scotland, Wales and Northern Ireland, where elected members have access to the Local Government Pension Scheme
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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Dear CIOs – ESG is in our job description
Dan Mikulskis, CIO of People’s Partnership, sets out how a shift from persuasion to enablement is needed for CIOs to effectively lead the next phase of ESG
Efforts to raise trustee standards must preserve what works
Morten Nilsson of Brightwell Pensions on avoiding the onerous requirements that could further shrink the pool of lay trustees
PPF, USS picked to join UK government’s senior-level financial markets forum
The Market Engagement Group is due to meet twice a year, with a maximum of 10 members at each meeting
Dutch pension fund picks Van Lanschot Kempen for €1.25bn fiduciary mandate
Plus: Border to Coast picks AllianceBernstein for equity alpha fund
UK investment pool establishes new leadership team
Northern Local Government Pension Scheme has appointed John Dewey as its chief investment officer
UK consults on DB surplus release rules as industry sees boost for run-on strategies
Draft regulations would allow surplus extraction above low-dependency funding threshold, reshaping defined benefit endgame strategies
Pension groups call for stronger member representation in UK regulator’s strategy
Industry respondents back TPR’s direction but seek stronger safeguards around governance, consolidation and fiduciary duty
DWP extends master trust-style transfer powers to CDC schemes
UK government confirms CDC schemes can receive bulk transfers without consent, prompting early industry support
IPE UK Briefing: Fidelity and L&G see each default fund reach £25bn AUM
Plus: Mansion House Accord anniversary; Venture capital commitment; Pensions Commission urged to be brave; LTAF launch
Pensions UK backs action on adequacy as retirement living costs increase
Updated retirement living standards underline adequacy concerns as auto-enrolment contribution reforms remain under review
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