Pensions: Reform
The question
To ask the Chancellor of the Exchequer, what steps she is taking to ensure delivery of pledged additional risk capital by signatories to the Mansion House Accord.
Answered by Torsten Bell
In May 2025, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution default funds in private markets by 2030, with at least half of that invested in the UK.The organising bodies of the Accord have committed to working with government and regulators to ensure that data demonstrating progress against the Accord will be tracked.
The government has a broad programme of reform which will facilitate pensions investment across the UK. The British Business Bank has launched an investment vehicle, the British Growth Partnership (BGP), and the new Venture Link initiative, to help pension funds invest more in UK venture opportunities. The Sterling 20 partnership was also established last year. The investor-led partnership between 20 of the UK’s largest pension funds and insurers is working with the government and the City of London Corporation to help ensure pension schemes have visibility of the range of investment opportunities in productive assets.
The government is also legislating in the Pension Schemes Bill for a reserve investment power, to act as a backstop to the Accord.
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