UK: Pensions and Investment News and Analysis

Britain’s new Labour government has promised a review of pensions but immediately got itself into hot political water by announcing cuts to a winter heating allowance for retirees. In fact, the priorities of the new chancellor of the exchequer, Rachel Reeves and pensions minister Emma Reynolds, align very strongly with the policies of the previous Conservative administration, which aimed to boost growth by unlocking investment in the UK and making pension funds more efficient – a series of policies collectively known as the Mansion House reforms. For its part, the pensions sector wants the government to focus on consolidation and to increase the minimum contributions under the otherwise successful auto-enrolment system. A new funding code for the sizeable DB pension sector was set to come into force this autumn but transfers of DB pension assets to insurers via bulk annuities or full buyouts continue apace.

Pension Funds in the UK - Country Report

DWP, London

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 2024

Pension fund/entity | Assets (€’000)

  1. Universities Superannuation Scheme | 91,362,766
  2. Rothesay Life | 70,498,261
  3. Pension Insurance Corporation | 54,006,590
  4. NEST | 46,870,083
  5. BT Group plc | 42,725,412

©IPE Research;  View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview

TOP MANAGERS: UK INSTITUTIONAL ASSETS

Company | Assets (€m) 

  1. BlackRock | 827,510
  2. L&G Asset Management | 782,430
  3. Insight Investment | 482,937
  4. Schroder Investment Management | 217,864
  5. Aberdeen Investments | 219,358
  6. State Street Global Advisors | 187,754*
  7. Aviva Investors | 173,518
  8. JPMorgan Asset Management | 124,059**
  9. Mercer | 74,098*
  10. Goldman Sachs Management | 66,631

As at 31.12.24, *31.3.25, **28.2.25

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IPE European Pension Fund Awards

IPE BEST PENSION FUND IN THE UK AWARD WINNERS

  • 2023 - Pension Protection Fund
  • 2022 - Greater Manchester Pension Fund | Pension Protection Fund
  • 2021 - BTPS
  • 2020 - Environment Agency Pension Fund
  • 2019 - Pension Protection Fund

Find out more about the IPE awards and how to be involved