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Written question asked by Ben Obese-Jecty (Conservative) on Friday, 10 October 2025, in the House of Commons. It was due for an answer on Tuesday, 14 October 2025. It was answered by Torsten Bell (Labour) on Monday, 20 October 2025 on behalf of the Treasury.

Industry: Finance

Question

To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on channelling pensions capital into the UK to support IS-8 sectors.

Answer

The Pension Schemes Bill was introduced on 5 June and will implement the reforms outlined in the first phase of the landmark Pensions Review,

The Bill sets out a vision for a pensions market with fewer, larger schemes which can use the benefits of scale to invest in productive assets – including investing in the eight sectors identified in the Industrial Strategy – as well as deliver better outcomes for savers.

These reforms support the Mansion House Accord, an industry-led pledge to invest at least 10 per cent of defined contribution default funds into private markets by 2030, of which at least half is in the UK.

Furthermore, last year the British Business Bank announced the establishment of the British Growth Partnership, designed to crowd in investment from UK pension funds for our most innovative, fastest-growing companies.

Secondary information

Type
Written question
Reference
79167
Session
2024-26
Related items
The UK’s Modern Industrial Strategy
Monday, 23 June 2025
Command papers
House of Commons
House of Lords
Subjects
Finance Industry Pensions
Contains statistics
Yes
Link
View this Written question on www.parliament.uk