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 DC providers move beyond illiquid debate towards implementation, says Isio
Research shows UK master trusts increasing illiquid allocations while implementation concerns move centre stage
FCA publishes review of transition finance for climate solutions
Regulator says UK is primed for green investments, and large investors should focus on demand signals and policy advocacy
Fidelity FutureWise grows to £25bn amid UK DC private markets push
The FutureWise workplace pension strategy has grown from £6.5bn since adopting a target date fund (TDF) structure in 2022
Major report on climate adaptation hailed as a ‘wake-up call’ for UK investors
Climate Change Committee says ‘critical action needed’ to safeguard the country’s financial system
UK DC consolidation drive gathers pace as L&G default fund reaches £25bn
L&G says its flagship DC default fund exceeded government scale ambitions and private markets commitments
FCA raises concerns about ESG in credit ratings
Move comes as US Republicans threaten credit rating agencies with enforcement action over integration of sustainability risks
Trustees told to retain accountability as TPR sets expectations for pension AI use
The Pensions Regulator clarifies expectations on AI use, warning trustees that accountability remains unchanged despite rapid adoption across pensions
UK pensions industry urges commission to ‘be brave’ on adequacy reforms
Industry leaders urge bold pension reforms as UK retirement undersaving risks rising to 19 million
New LGPS cost transparency framework launches with ClearGlass appointment
ClearGlass will work with LGPS funds and pools to support a smooth transition from the centralised cost data system, due to close in August 2026
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
UK DC providers move beyond illiquid debate towards implementation, says Isio
Research shows UK master trusts increasing illiquid allocations while implementation concerns move centre stage
FCA publishes review of transition finance for climate solutions
Regulator says UK is primed for green investments, and large investors should focus on demand signals and policy advocacy
Fidelity FutureWise grows to £25bn amid UK DC private markets push
The FutureWise workplace pension strategy has grown from £6.5bn since adopting a target date fund (TDF) structure in 2022
Major report on climate adaptation hailed as a ‘wake-up call’ for UK investors
Climate Change Committee says ‘critical action needed’ to safeguard the country’s financial system
UK DC consolidation drive gathers pace as L&G default fund reaches £25bn
L&G says its flagship DC default fund exceeded government scale ambitions and private markets commitments
FCA raises concerns about ESG in credit ratings
Move comes as US Republicans threaten credit rating agencies with enforcement action over integration of sustainability risks
Trustees told to retain accountability as TPR sets expectations for pension AI use
The Pensions Regulator clarifies expectations on AI use, warning trustees that accountability remains unchanged despite rapid adoption across pensions
UK pensions industry urges commission to ‘be brave’ on adequacy reforms
Industry leaders urge bold pension reforms as UK retirement undersaving risks rising to 19 million
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