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
National Grid’s Electricity Supply Pension Scheme completes £1.7bn buy-in with Aviva
The transaction included transitioning the group’s existing longevity swap with Zurich to Aviva
M&G launches Value Share Bulk Purchase Annuity with £500m transaction
The proposition balances the needs of both members and sponsor
Consolidating DC schemes into megafunds could lead to unintended consequences
UK government proposes consolidation of DC schemes into £25bn megafunds
Investor coalition launches report on unequal voting rights sanctions
ICEV hopes report to be ‘useful guide’ for investors considering how to navigate ongoing dilution of shareholder and voting rights
IFRS Foundation helps companies identify sustainability-related risks
The new guide aims to encourage more integrated thinking on a company’s impact on its wider value chain
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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National Grid’s Electricity Supply Pension Scheme completes £1.7bn buy-in with Aviva
The transaction included transitioning the group’s existing longevity swap with Zurich to Aviva
M&G launches Value Share Bulk Purchase Annuity with £500m transaction
The proposition balances the needs of both members and sponsor
Consolidating DC schemes into megafunds could lead to unintended consequences
UK government proposes consolidation of DC schemes into £25bn megafunds
Investor coalition launches report on unequal voting rights sanctions
ICEV hopes report to be ‘useful guide’ for investors considering how to navigate ongoing dilution of shareholder and voting rights
IFRS Foundation helps companies identify sustainability-related risks
The new guide aims to encourage more integrated thinking on a company’s impact on its wider value chain
Absence of further guidance on surplus sharing for UK DB schemes is ‘missed opportunity’
Industry commentators say government should tap into corporate DB pension sector for capital investment into UK
Industry calls for thoughtful execution of UK LGPS ‘megafunds’ reforms
Government is looking to secure more than £20bn for investment in local communities
Church investors push for faith-aligned investments
The Church Investors Group has called on asset managers to have ‘more room for faith’ as it publishes new guide to faith-consistent investing
Aegon, NatWest Cushon commit to help with British Growth Partnership launch
Chancellor has previously tasked British Business Bank with establishing the British Growth Partnership
British Business Bank completes £250m LIFTS investment with Schroders Capital
The fund aims to catalyse more than £1bn of funding, including from UK pension funds
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