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
Insurance group to buy consultancy Barnett Waddingham
Combined business will offer full range of employee benefits and pensions advisory services to corporate clients
BT Pension Scheme completes two longevity swaps totalling £10bn
The arrangements cover BTPS pensioner liabilities of £5bn with Swiss Re and increase existing cover with RGA by £5bn
UK DB funds rethink endgame amid surplus extraction plans
One in five DB pension funds say their investment adviser or consultant suggests they change their approach to endgame
Anglo American insures three pension funds with L&G
The combined £785m buy-in transactions secure benefits of over 5,100 retirees and 2,500 deferred members
Schroders Solutions wins £740m fiduciary mandate
The mandate has been tailored to meet the fund’s strategic goals, including an agreed long-term return target
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
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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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