Mansion House Accord testimonial

Testimonials

“Aegon UK is proud to be a signatory of the Mansion House Accord, which aligns with our aim to deliver better long-term outcomes for our pension scheme members.

“We are committed to ensuring our customers can access and share in the potential growth and success of new, innovative companies as part of diversified portfolios. Leveraging our partnership with the British Business Bank, along with our scale and expertise, we are dedicated to developing investment solutions that improve the retirement outcomes of the millions of members of the defined contribution pension schemes we support. We’ve made significant progress in becoming a DC provider fit for the future – but our journey doesn’t end here.“The Accord is a key element of the Government’s growth agenda, alongside other initiatives likely to transform the UK’s DC pensions market. It comes as the conclusions of the Pensions Investment Review are expected imminently and further fundamental changes are expected in the Pension Schemes Bill later this spring. This makes it essential that the Government adopts a pragmatic approach to implementation. Realistic timeframes and a steady supply of high-quality UK investment opportunities across all private asset classes are crucial for ensuring success. This includes collaborating with more organisations such as the British Business Bank to provide access to diverse types of private assets – from private equity to infrastructure, which are all vital for optimising member benefits and developing investment portfolios designed for long term growth.”

Lorna Blyth, Managing Director – Investment Proposition, Aegon UK

“We believe that investing in private assets will benefit pension scheme members by delivering better expected returns over the long-term, ultimately resulting in higher retirement outcomes. The new Mansion House Accord is a great step forward in achieving this and is a fantastic example of how the UK pensions industry can work together to break down barriers to enable greater investment in private assets.”

Jo Sharples, CIO, DC Solutions, Aon

“This is a major opportunity for the pension and investment industry to support UK growth while delivering improved outcomes for pension savers. As a significant investor in private markets, Aviva has recently launched a number of funds to give over four million workplace pension customers even greater opportunity to invest in UK assets, including innovative, early-stage businesses, and we want to do much more."

Amanda Blanc DBE, Chief Executive Officer, Aviva Group

"Signing up to the Mansion House Accord is a significant step for LifeSight. We believe that private market investments can increase overall returns as part of a diversified portfolio and have already begun investing in this way.

“Our ability to invest in private markets, without increasing existing fee agreements, showcases our dedication to providing the best possible outcomes for our members. We are excited to be part of this initiative and look forward to contributing to the growth of the economy in which our members live.

“We are pleased that the government acknowledges the need to increase the pipeline for UK private market investment opportunities. This recognition aligns with our mission to support the growth of innovative firms and sustainable infrastructure within the UK, ultimately enhancing the retirement incomes of millions of UK pension savers.

“For LifeSight members, these investments are being made as part of our main default funds, ensuring that our members benefit from high-quality investment opportunities.”

Jelena Croad, Head of LifeSight GB

"The government’s pledge to maintain a steady flow of investable opportunities mitigates concerns over high-cost, poor-quality investments. With more than 20 years’ experience investing in private markets, we have built a team of experts whose aim is to ensure every investment is strategically assessed, properly valued, and designed to benefit our members."

SEIC

“Private markets play a fundamental role in shaping the world around us through long-term investment in real estate and infrastructure projects, alongside lending to and investing in companies that contribute to economic growth. By enabling and encouraging greater investment into these assets, individuals could benefit from enhanced returns, greater diversification and better value by having their pensions invested in this way.

“Reaffirming our commitment to the Mansion House agreements is aligned with our purpose which is to give everyone real confidence to put their money to work and our track record in private markets investment. This is a responsibility we have undertaken for over 170 years through our £128 billion With Profits Fund, demonstrating the power of collective investment for millions of people through the generations. With £100 billion invested in the UK economy, our savers enable the construction of schools, hospitals and homes, along with investing in UK companies that are positioned for future growth worldwide.”

Andrea Rossi, CEO, M&G plc

"As one of the signatories of the Mansion House Accord, Nest is committed to investing at scale in private markets, including in the UK. Nest currently invests around 15% of its assets under management in private markets, such as infrastructure, private equity and real estate. Around 60% of this private market allocation is already invested in the UK. This includes investments in the Hornsea One Offshore Wind Farm off the Lincolnshire coast, port provider Forth Ports and the Dolphin Shopping Centre in Dorset.

"Nest’s ambition is to increase its private market allocation to 30% by 2030. It has put in place strategic partnerships to achieve this goal."

Nest

“People’s Pension has a vital role to play in the exciting, shared vision for the future of the pensions’ industry, which will see bigger, stronger, value-driven schemes that will deliver better value to their members. By signing this Accord, we are reaffirming how seriously we take our commitment to delivering better outcomes, as well as helping to drive UK economic growth.”

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, provider of People’s Pension

“This Mansion House Accord will unlock investment in UK private markets while helping deliver better long-term returns and retirements for millions of pension savers. The new commitments have the potential to strengthen the economy by fuelling the growth of British businesses and boosting investment in critical infrastructure.

“Phoenix Group has already taken a lead by launching Future Growth Capital — the first private market investment manager formed to deliver the commitments made in the initial Mansion House Compact — committing £2.5bn over three years to the UK’s most exciting, innovative and fastest growing companies. The Accord is the natural next step, and we’re proud to play our part in delivering better outcomes for our customers and for the wider society.”

Andy Briggs, Phoenix Group, CEO

“Royal London has been investing in private markets for many years, mainly in the form of directly held UK property. Royal London Asset Management manages most of our property holdings, which includes office, industrial, retail, healthcare and living accommodation. We are also significant investors in property for the life science sector, particularly in the ‘Golden Triangle’ of Oxford, Cambridge and London.

“The Mansion House Accord seemed a natural extension of this ambition, where we seek to provide good risk-adjusted returns for savers, while contributing to growth in the economy. We are currently building further expertise in other areas, including infrastructure and asset-based finance.”

Royal London

“Due to ongoing collaboration and open dialogue between the industry and the UK government, we have become comfortable with the proposed changes to the Mansion House reforms. This accord demonstrates our collective ambition to have a consolidated workplace pension environment that provides flexibility and choice for pension funds to invest where they see opportunity, whilst balancing their responsibility to members.

"We welcome the government’s commitment to ensure a good flow of investable opportunities for pension schemes. This mitigates our previous concerns about the risks of high-priced, poor-quality investments in an environment where the originally proposed investable opportunities are scarce. It enables everyone to play their part in helping to deliver better member outcomes and drive economic growth.”

Steve Charlton, member, SPP’s DC Committee; DC Managing Director, SEIC

We’re absolutely delighted to commit to the Government’s Mansion House Accord. Investing in assets such as infrastructure, transportation, housing, venture capital and private markets will not only help boost pension holders’ returns but also contribute to much-needed economic growth.

TPT Retirement Solutions

"Smart Pension is fully committed to private markets investments and the value it can bring to our members and the wider UK economy. Having been one of the first signatories of the Mansion House Compact, we're happy to support the new Mansion House Accord.

"We have invested in private credit since 2021, providing capital to innovative companies across a number of sectors and geographies, including the UK. "We have recently announced our new 15% private markets allocation within our flagship, default growth fund. This adds private equity (including venture capital) and renewable infrastructure to the private credit allocation.

"These investments will have a heavy focus on impact investing, including investments in areas such as climate, agriculture and sports technology, the blue economy, smart cities, amongst others. The investments, which are being implemented currently, will have c.⅓ exposure to the UK, driving strong outcomes and real change for our members."

James Lawrence, Director of Investment Proposition, Smart Pension

“By reaching an agreement with pension providers to invest in UK productive finance in a mutually beneficial way, the Government can achieve its objective and support better outcomes for scheme members. Many pension schemes already invest in productive finance, and most are open to investing more in the UK. Investment in assets such as infrastructure, transportation, housing, venture capital and private markets can play an important role in improving risk-adjusted returns for members while also contributing to economic growth.

“Meeting the Government’s objectives while also maintaining fiduciary duty and ensuring strong returns for members are not mutually exclusive ambitions. However, hurdles remain around value for money considerations and the availability of suitable investment opportunities. These should be a focus for Government policy to spur more investment. The most pressing issue to deal with is that provider pricing practices leave very little room in the annual management charge for investment fees. There needs to be a shift to a value for money approach that considers the returns from an investment and not just its fees.”

David Lane, Chief Executive, TPT Retirement Solutions

"We have had a team dedicated to investing in private markets since 2007 and today almost £26bn – around a third of the scheme’s assets – is invested in private investments across the world. Private markets provide different opportunities to those available in public markets. Particularly in the case of infrastructure, they can often provide long-term inflation linked returns that align to our long-term pension promises.

"Our private assets are part of the fabric of everyday life: housing, schools, health centres, retail and leisure facilities, motorway service stations, and even energy-efficient street lighting. We have around £2bn invested in renewable energy and clean technology, including wind farms from the far north of Scotland to the south coast of Cornwall. More globally we also invest in gas networks, toll roads, reusable pallet logistics, crematoria, and even ports."

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