Pension funds ‘to unlock up to £50bn’ of investment, with half for UK firms

Aviva, Legal & General, M&G and others agree to sign new ‘Mansion House accord’ with government

• Nils Pratley: Mansion House accord is long on virtue-signalling

The bosses of 17 of the UK’s biggest pension funds have struck a deal with the government that it claims will release up to £50bn worth of investments, with at least half earmarked for British assets including clean energy projects and homegrown startups.

Fund managers including Aviva, Legal & General, M&G, Phoenix and the Universities Superannuation Scheme have agreed to sign a new “Mansion House accord” that will lead to at least 10% of their workplace pension schemes being invested in private market assets by 2030.