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
TPR figures suggest government looks to extract surplus on low-dependency level
The government is looking to allow schemes more flexibility to enable surplus from DB schemes to be returned to employers
Aon calls for member-centric innovation and transparency in bulk annuity market
Innovation around illiquid assets and transparency in funded reinsurance are also crucial priorities for the UK bulk annuity market, according to Aon
Lufthansa completes three-in-one transaction with Royal London
Lufthansa Group has insured its three UK defined benefit (DB) pension schemes with Royal London in one integrated transaction worth £120m (€145m).
DeepSeek’s arrival increases risk for passive investors
But it provides upside for companies that use AI applications, or are keen to start doing so, according to investment experts
Schroders’ UK pension scheme commits to running on
Scheme plans on harnessing DB surplus for DC contributions
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 fiduciary management industry needs to expand
The idea that too much choice limits freedom, known as the paradox of choice, is a powerful one. But the opposite is true as well, especially when it comes to the UK fiduciary management industry.
TPR figures suggest government looks to extract surplus on low-dependency level
The government is looking to allow schemes more flexibility to enable surplus from DB schemes to be returned to employers
Aon calls for member-centric innovation and transparency in bulk annuity market
Innovation around illiquid assets and transparency in funded reinsurance are also crucial priorities for the UK bulk annuity market, according to Aon
Lufthansa completes three-in-one transaction with Royal London
Lufthansa Group has insured its three UK defined benefit (DB) pension schemes with Royal London in one integrated transaction worth £120m (€145m).
DeepSeek’s arrival increases risk for passive investors
But it provides upside for companies that use AI applications, or are keen to start doing so, according to investment experts
Schroders’ UK pension scheme commits to running on
Scheme plans on harnessing DB surplus for DC contributions
Fiduciary management: Race for UK mandates intensifies
UK pension schemes with complex and diverse needs are turning to fiduciary management in growing numbers. Who will be the winners in this increasingly competitive sector?
UK fiduciary management industry needs to expand
The idea that too much choice limits freedom, known as the paradox of choice, is a powerful one. But the opposite is true as well, especially when it comes to the UK fiduciary management industry.
NEST in talks with managers that exited NZAM, CA100+
Diandra Soobiah, director of responsible investment at NEST, says dialogue around managers’ climate engagement may become less open and consistent
#13 Leaders in Investment podcast: Conversation with Morten Nilsson and Wyn Francis – CEO, CIO of Brightwell, UK
Morten Nilsson and Wyn Francis, Brightwell’s CEO and CIO, discuss the management of the BT Pension Scheme – the UK’s largest single employer pension scheme – including their investment strategies, ESG goals, relationships and adapting to industry changes.
PPF lowers levy to £45m as it expects more flexibility from government
DWP says it will consider giving PPF more flexibility to reduce its levy, supporting DB schemes and their sponsoring employers to drive growth
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