Testimonials

“Aegon UK is proud to be a founder signatory of the Mansion House Compact which will help deliver better long-term outcomes for our customers. We are committed to ensuring our customers can access and share in the growth and success of innovative companies we invest in. We will use our scale and expertise to develop investment solutions seeking to improve the retirement outcomes of the millions of members of the defined contribution pension schemes we support.  The Compact will also create opportunities that help deliver our climate targets as we progress towards net zero.” 

Tim Orton, Chief Investment Officer at Aegon UK 

“As the UK’s largest manager of money for pension clients, L&G is pleased to support the ambition set by the Compact. Increasing investment in science, technology and infrastructure will support better returns for the tens of millions saving for their retirement, as well as stimulate much needed long-term growth for the UK economy." 

Sir Nigel Wilson, Group CEO, Legal & General 

"Patient capital put to work in companies or projects over multiple decades is essential to support economic growth and importantly, capture value for people’s pensions as they save for their retirement. M&G’s heritage is in investing in private markets, whether it is through infrastructure, real estate or innovative companies with purpose. We are democratising access to private markets through the Prudential With Profits Fund, and are supportive of DC pension reforms that encourage more investment of this kind that has potential to result in positive outcomes for savers".

Edward Braham, Chair of M&G 

"Mercer supports proposals that lead to improved pension scheme member outcomes. As a global investment solutions provider, we see first-hand the value that illiquid asset allocations can bring to investors’ portfolios from a risk and a return perspective and are in favour of initiatives designed to unlock this asset class for DC members". 

Phil Parkinson, Investments and Retirement Leader, Mercer 

“For many years now, illiquid assets have been integral to diversified DC pension schemes around the world. It’s been a key driver behind Nest setting up our own private market mandates to ensure our members aren’t missing out. Nest will continue to increase our investment in unlisted equities, helping our 12 million members benefit from the strong returns these types of deals can typically offer.” 

Mark Fawcett, CEO, Nest Invest 

"We are proud to sign the Compact, which is an important step to allow UK long-term savers to invest in a more diversified portfolio, giving them access to the potential returns of a broader range of assets, in line with their international counterparts. Currently, only 9% of UK pension funds are invested in alternative assets as compared to 23% in other major pensions markets. With the right regulatory environment, Phoenix Group could invest up to £40bn in sustainable and/or productive assets to support economic growth, levelling up and the climate change agenda whilst also keeping policyholder protection at its core."

Mike Eakins, Chief Investment Officer, Phoenix Group 

"I’m delighted that Scottish Widows is a founding signatory of the Mansion House Compact. The potential to help the UK grow through government and industry support for investing in things other than the typical stocks and shares and bonds is significant.  As a responsible steward of our customers’ savings, I’m looking forward to establishing a virtuous circle of growth." 

Chriantan Barua, Scottish Widows

"Smart Pension is committed to securing better outcomes for long-term savers. Giving UK savers access to higher net returns by investing in unlisted equities, including innovative, high-growth UK companies as part of a well diversified portfolio, will deliver these outcomes over time. We are pleased to be a signatory of the Mansion House Compact and, as a successful British fintech, we are proud to be supporting the country’s technology sector, helping home-grown start-ups and scale-ups to flourish and thrive."

Ruston Smith, Chair, Smart Pension

"These reforms and The Mansion House Compact mark a historic turning point that will accomplish the dual aim of securing a brighter future for retirees and channelling billions into our economy.  I’m proud to have convened key industry players to make this commitment to unlock £50bn in capital by the end of the decade which will improve returns for pension savers and support firms to grow, stay and list in the UK."

The Right Hon. The Lord Mayor of the City of London, Nicholas Lyons

"This ‘Mansion House Compact’ creates demand for a Fund (or funds), as expressed in Kalifa Review of UK FinTech. It’s a viable platform and plays to unlocking domestic capital to invest in the sectors which are of huge strategic value for the benefit of UK pensioners. Delivering on the compact has the potential to act as the catalyst in developing a world leading ‘high growth’ ecosystem, as well as the maximising the potential value of UK savings at retirement. This is a historic moment and I am delighted to see it coming to fruition." 

Sir Ron Kalifa, author Kalifa Review of UK FinTech 

“Collaboration and co-development are key when it comes to successful and enduring pensions policy. This initiative shows how Government and industry can work together successfully to enable more investments in growth companies and drive better returns for savers.” 

Hannah Gurga, Director General of the Association of British Insurers (ABI)

"With institutional investors currently only investing a small amount in alternative assets such as venture capital, pension savers may be missing out on opportunities for better returns. The British Business Bank supports the Mansion House Compact to enable better long-term retirement outcomes for the UK’s pension savers, which should also provide a legacy of vibrant modern companies for future generations. This is an important initiative, with has the potential to unlock billions of pounds of additional investment for the UK’s fastest growing and most innovative companies, while also enabling the UK’s pension savers to benefit from their success and boosting the UK economy."

Louis Taylor, CEO, British Business Bank 

"The need to drive a step change in long term growth capital capital investment across the UK has never been more urgent. Greater equity investment in unlisted businesses is essential to underpin the shift in the economy towards delivering net zero, life sciences and broader technology as the UK transitions towards future industries. This will be driven by scaling UK companies but only with the support of our major institutions, led by the pension funds, asset managers and insurers. We need to match the ambition of entrepreneurs with the fire power of our largest investors, delivering a new multi billion investment capability in the decades ahead. The Lord Mayor's Future Growth Fund, and other variations on the same theme, point the way forward, and I very much welcome the new Mansion House Compact and the role that the City of London along with the government is doing to promote this."

Stephen Welton CBE , Founder BGF 

“History has handed the UK two world-leading industries: finance and life sciences. This compact marks the beginning of a new era in which they are brought together to accelerate the delivery of innovative new medicines for patients, jobs and economic growth, and greater financial returns for pension savers.” 

Steve Bates OBE, CEO, UK BioIndustry Association (BIA) 

“British pension savers are losing out. Overseas pension funds are investing 16 times more than domestic pensions in British venture capital and private equity and reaping the rewards for their members. Whilst investment into the UK is a welcome vote of confidence, relying so heavily on overseas investment to scale up UK companies will hold the UK back. The BVCA warmly welcome the Mansion House Compact as an important step forward to engage the UK pensions ecosystem on these issues.”  

Karim Palant, Director of External Affairs, BVCA  

“Many of the UK’s most innovative new companies are deeply committed to business as a force for good. These companies need investment to grow. We welcome the Lord Mayor’s drive to encourage more industry leaders, from fund managers to pension providers, to invest in these productive UK assets. As our own research has shown, these investments have vast potential to create meaningful financial returns, address key challenges around climate and wellbeing, and change the trajectory of underinvested towns and cities across the UK. Mobilising capital for impact can build a future that is in the long-term interest of every pension saver.” 

Kieron Boyle, CEO, Impact Investing Institute  

"Innovate Finance welcomes the announcement by the DC pensions industry to drive forward a plan to increase institutional investment in unlisted equities.  Independent analysis suggests that retirement incomes can be enhanced through an allocation of funds to this asset class and FinTech, which is the largest sector for VC investment in the UK, would benefit from access to a deeper pool of Growth Capital. Innovate Finance is pleased to have worked closely with the Lord Mayor and City of London Corporation to help bring about and promote this ambitious initiative." 

Janine Hirt, CEO at Innovate Finance 

“Members of DC pension schemes rightfully deserve the best investment strategy to maximise the potential value of their savings at retirement. So it is great to see initiatives such as this challenging trustees and industry on supporting access to potential return drivers outside of the traditional asset classes, ones which can deliver meaningful change for members and which are much more commonly accessed in DB pension schemes and DC schemes in other countries. We think this initiative provides a great opportunity to make a real difference to members’ retirement savings.”

Stephen Budge, Partner in LCP’s DC investment consulting business. 

"Unlisted equities have the potential to offer diversification and investment performance benefits to long-term investors. The Mansion House Compact introduces a voluntary target to increase the level of such investments where this is in line with the fiduciary duty to invest in the best interests of savers. We welcome this initiative as we continue to pursue a range of other regulatory and fiscal reforms aimed at making UK growth assets more suitable for the many different types of pension funds."

Nigel Peaple, Executive Director Policy & Advocacy, PLSA 

"Professional investors have long benefited from investing in innovative, fast growing private companies. There is no reason that UK pensioners shouldn’t have the same opportunities. The Mansion House Compact challenges us to deliver that, and Schroders fully supports that ambition"

Peter Harrison, CEO of Schroders 

“As the use of Defined Contribution pension arrangements in the UK increases, so does the ability to adopt approaches that improve members’ outcomes. We believe including unlisted equities as part of a diversified portfolio is one example of this.

We are therefore pleased to see a range of UK Defined Contribution pension providers express an intent to facilitate investment in this asset class, in line with the approach successfully adopted in some other countries that were early adopters of Defined Contribution. We believe this will improve outcomes for UK Defined Contribution members and lead to higher incomes in retirement.”

Mark Calnan, Head of Investments Europe, Willis Towers Watson