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
British Coal fund switches in-house model with BlackRock as fiduciary manager
Closed UK pension scheme replaces bespoke in-house investment governance model with BlackRock fiduciary management appointment
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
UK’s LGPS pooling guidance confirms wider investment powers for asset pools
Guidance clarifies investment responsibilities as Local Government Pension Scheme pools assume greater authority while funds retain fiduciary oversight
NZAOA launches AI tool to benchmark asset manager climate stewardship
The new framework, which will be published in full later this year, finds that no asset manager currently meets the highest climate stewardship standard
DB endgame strategies reshape professional trustee market, WTW finds
Growing DB endgame activity is driving governance changes, boosting sole trusteeship and regulatory oversight
Alecta invests $110m in responsAbility climate fund
Swedish occupational pension fund expands climate finance portfolio with third responsAbility mandate
TPR backs innovative DB endgame options as scheme surpluses grow
Improving UK defined benefit funding positions prompts regulator to support broader endgame strategies beyond traditional buyouts
Finance Transition Centre urges investors to disclose climate policy dependencies
Steve Waygood calls on pension funds to treat climate policy as fiduciary issue
LGPS leaders urge UK government to ‘leave us alone’ after decade of reform
Local government pension scheme leaders say UK government should trust scheme’s existing governance and fiduciary framework
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
- 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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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
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
British Coal fund switches in-house model with BlackRock as fiduciary manager
Closed UK pension scheme replaces bespoke in-house investment governance model with BlackRock fiduciary management appointment
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
UK’s LGPS pooling guidance confirms wider investment powers for asset pools
Guidance clarifies investment responsibilities as Local Government Pension Scheme pools assume greater authority while funds retain fiduciary oversight
NZAOA launches AI tool to benchmark asset manager climate stewardship
The new framework, which will be published in full later this year, finds that no asset manager currently meets the highest climate stewardship standard
DB endgame strategies reshape professional trustee market, WTW finds
Growing DB endgame activity is driving governance changes, boosting sole trusteeship and regulatory oversight
Alecta invests $110m in responsAbility climate fund
Swedish occupational pension fund expands climate finance portfolio with third responsAbility mandate
TPR backs innovative DB endgame options as scheme surpluses grow
Improving UK defined benefit funding positions prompts regulator to support broader endgame strategies beyond traditional buyouts
Finance Transition Centre urges investors to disclose climate policy dependencies
Steve Waygood calls on pension funds to treat climate policy as fiduciary issue
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