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 pensions industry builds on Mansion House Compact with Accord launch
The new initiative has increased private markets’ commitment size from 5% to 10%, with half being directed to UK investment
Scottish Widows opts not to sign Mansion House Accord
The provider has previously signed up to the Mansion House Compact, committing to investing 5% of its default fund into unlisted equities
UK relieved as government backs off from forced economic growth investment
The government previously toyed with the idea of mandating DC providers to invest in productive assets
Adam Matthews expresses responsible investor support for Brunel
Writing in a personal capacity, Matthews says Brunel is ‘one of the most credible practical examples of what it is to be a responsible investor’
UK extends investment research payment optionality to pooled funds
New rules remove huge potential roadblock to the return to client-funded research budgets
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 pensions industry builds on Mansion House Compact with Accord launch
The new initiative has increased private markets’ commitment size from 5% to 10%, with half being directed to UK investment
Scottish Widows opts not to sign Mansion House Accord
The provider has previously signed up to the Mansion House Compact, committing to investing 5% of its default fund into unlisted equities
UK relieved as government backs off from forced economic growth investment
The government previously toyed with the idea of mandating DC providers to invest in productive assets
Adam Matthews expresses responsible investor support for Brunel
Writing in a personal capacity, Matthews says Brunel is ‘one of the most credible practical examples of what it is to be a responsible investor’
UK extends investment research payment optionality to pooled funds
New rules remove huge potential roadblock to the return to client-funded research budgets
AQA Education completes £120m full scheme buy-in with Rothesay
The transaction insures the benefits of all 869 scheme members, comprising 471 pensioners and dependants, as well as 398 deferred members
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Th fund worked closely with Standard Life to meet its de-risking objectives and secure the buy-in deal through a ‘bespoke’ offering
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