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
UK Country Report 2024: Is buyout still the gold standard for pension funds?
Improved funding positions mean more DB schemes are considering run-on rather than off-loading their liabilities
TOP UK PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Universities Superannuation Scheme | 91,362,766
- Rothesay Life | 70,498,261
- Pension Insurance Corporation | 54,006,590
- NEST | 46,870,083
- BT Group plc | 42,725,412
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
UK government advised on climate-adaptation taxonomy
The independent Land, Nature and Adapted Systems Advisory Group has proposed a five-step framework to develop an adaptation-focused UK taxonomy
PIC completes first transaction under streamlined service Mosaic
The buy-in deal for the General Council of the Bar Pension and Life Assurance Fund is worth £20m and covers its 103 members
Airways Pension Scheme completes £340m longevity swap
The deal is an insurance arrangement between scheme trustees and Zurich UK, and a back-to-back reinsurance arrangement between Zurich UK and MetLife
UK receives official advice on national sustainability reporting standards
Sustainability Disclosure Technical Advisory Committee suggests removing restrictions on which sectoral categories investors and banks can use to report emissions
Calor Group pension fund appoints GSAM as fiduciary manager
Goldman Sachs Asset Management will manage £240m assets on behalf of Calor Gas’s UK defined benefit pension scheme
TOP MANAGERS: UK INSTITUTIONAL ASSETS
Company | Assets (€m)
- Legal & General Investment Mngt. | 817,085
- BlackRock | 744,072
- Insight Investment | 514,576
- Abrdn | 228,230
- Schroders Investment Management | 219,358
- Aviva Investors | 216,445
- State Street Global Advisors | 209,020**
- JPMorgan Asset Management | 116,988*
- Goldman Sachs Asset Management | 75,557***
- M&G Investment Management | 61,013****
As at 31.12.23, *29.2.24, **31.3.24, ***09.4.24, ****30.6.23
©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
- 2023 - Pension Protection Fund
- 2022 - Greater Manchester Pension Fund | Pension Protection Fund
- 2021 - BTPS
- 2020 - Environment Agency Pension Fund
- 2019 - Pension Protection Fund
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UK government advised on climate-adaptation taxonomy
The independent Land, Nature and Adapted Systems Advisory Group has proposed a five-step framework to develop an adaptation-focused UK taxonomy
PIC completes first transaction under streamlined service Mosaic
The buy-in deal for the General Council of the Bar Pension and Life Assurance Fund is worth £20m and covers its 103 members
Airways Pension Scheme completes £340m longevity swap
The deal is an insurance arrangement between scheme trustees and Zurich UK, and a back-to-back reinsurance arrangement between Zurich UK and MetLife
UK receives official advice on national sustainability reporting standards
Sustainability Disclosure Technical Advisory Committee suggests removing restrictions on which sectoral categories investors and banks can use to report emissions
Calor Group pension fund appoints GSAM as fiduciary manager
Goldman Sachs Asset Management will manage £240m assets on behalf of Calor Gas’s UK defined benefit pension scheme
SEI joins forces with PIC to facilitate master trust access for DB scheme members
DB scheme members with DC and AVC arrangements will be able to access the SEI Master Trust
L&G default contract-based DC fund to target 15% allocation to private markets
L&G claims new funds have potential to deliver value for money and better outcomes in retirement
Brunel appoints AssetMetrix for private markets data management
AssetMetrix’s platform will enable Brunel to streamline data processing and aggregation, while offering investors greater insights into private market assets
UK government puts second phase of pensions review on hold
The second phase of landmark pensions review was expected to launch before the end of the year
UKSIF chief sees hope for further traction of UK anti-greenwashing measures
James Alexander, CEO of UKSIF, expects more asset managers to get authorisation for sustainable investment labels in 2025
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