UK Investment and Pensions
The passage of the Pension Schemes Bill in April has set the UK pensions industry on a new course, with schemes now preparing for a wide-ranging programme of reforms across defined contribution (DC) and defined benefit (DB) provision. For DC schemes, the focus is shifting towards consolidation and scale, with minimum size requirements for default arrangements due from 2030 and a Value for Money (VfM) framework being phased in from 2028. The expansion of collective defined contribution (CDC) provision is also moving ahead, with multi-employer legislation coming into force in July and retirement CDC draft regulations expected later this year, before coming into force in 2028. DB schemes are meanwhile preparing for new endgame options, including surplus extraction and a permanent superfund regime, alongside wider changes to governance and regulation. With implementation now moving from legislation to delivery, the coming years will be defined by how schemes adapt to a rapidly changing pensions landscape.
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
Standard Life targets large DB schemes with £2bn pension risk transfer backing
Fresh capital backing will support competition for the UK’s largest pension risk transfer deals
Church of England Pensions Board: Rising portfolio emissions
Church of England Pensions Board’s SaraTaaffe explains why falling portfolio emissions alone cannot show whether pension funds are driving real-world climate progress
Nature finance frameworks bring clarity but struggle to unlock institutional allocations
Nature finance frameworks and guidance, from the IIGCC, ISSB and TNFD, are improving disclosure and risk management, but institutional investors still face shortages of scalable, investable opportunities.
European pension funds bolster ESG in private markets portfolios
Asset owners across Europe are focusing more on private equity, seeking climate solutions and greater sustainability
TNFD calls for stronger due diligence on environmental crime
TNFD is encouraging investors to treat environmental crime as a financial risk requiring better data, due diligence and stewardship
Swedish FTN challenge delays €18bn equities award to global asset managers
FTN says Indecap Fonder’s call for an EU ruling may prolong proceedings, as Colombia Threadneedle, Fidelity and JP Morgan AM continue long wait for implemenation of their new premium pension mandates
Cambridge University launches long-awaited green index
The University of Cambridge and Bloomberg have unveiled what they claim to be “the first fixed-income index to exclude companies involved in, or financing the development of fossil fuels”.
European asset owners push back on SEC climate repeal over costs and comparability
European investors urge for reform over full rescission of the rules as the SEC moves to scrap its Biden-era corporate climate disclosure framework.
TPT launches CDC modelling capability ahead of multi-employer scheme
The launch comes as TPT prepares to bring its multi-employer CDC scheme to market
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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Dear CIOs: We need to talk about capital profile
In his latest column for IPE, Dan Mikulskis, CIO at the provider of the £40bn (€46bn) DC master trust People’s Pension, argues that those looking to make investment opportunities attractive to capital need to appreciate the importance of different investors’ capital profile
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
Standard Life targets large DB schemes with £2bn pension risk transfer backing
Fresh capital backing will support competition for the UK’s largest pension risk transfer deals
Church of England Pensions Board: Rising portfolio emissions
Church of England Pensions Board’s SaraTaaffe explains why falling portfolio emissions alone cannot show whether pension funds are driving real-world climate progress
Nature finance frameworks bring clarity but struggle to unlock institutional allocations
Nature finance frameworks and guidance, from the IIGCC, ISSB and TNFD, are improving disclosure and risk management, but institutional investors still face shortages of scalable, investable opportunities.
European pension funds bolster ESG in private markets portfolios
Asset owners across Europe are focusing more on private equity, seeking climate solutions and greater sustainability
TNFD calls for stronger due diligence on environmental crime
TNFD is encouraging investors to treat environmental crime as a financial risk requiring better data, due diligence and stewardship
Swedish FTN challenge delays €18bn equities award to global asset managers
FTN says Indecap Fonder’s call for an EU ruling may prolong proceedings, as Colombia Threadneedle, Fidelity and JP Morgan AM continue long wait for implemenation of their new premium pension mandates
Cambridge University launches long-awaited green index
The University of Cambridge and Bloomberg have unveiled what they claim to be “the first fixed-income index to exclude companies involved in, or financing the development of fossil fuels”.
TPT launches CDC modelling capability ahead of multi-employer scheme
The launch comes as TPT prepares to bring its multi-employer CDC scheme to market
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