Three pension giants have committed around £3bn to invest in property, infrastructure and fast-growing companies in the UK.

Legal & General has pledged to invest an additional £2bn across housing and infrastructure by 2030, aiming to deliver around 10,000 new affordable homes and create 24,000 new jobs. This builds on a previous pledge to invest £2.5bn in build-to-rent homes.

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Pension provider Nest has also committed to provide Schroders with £500m capital, of which £100m will be channeled into UK investments over the next few years. It will also invest £40m to deliver gigabit-capable fibre broadcast to remote areas in Scotland and Northern England.

AustralianSuper, Australia’s biggest pension fund, has also announced it will increase its investment into the UK housing market.

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The investments were announced as part of the launch of the Sterling 20, an investment partnership between 20 of Britain’s largest pension providers and insurers, ahead of the first ever Regional Investment Summit this week.

“This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country,” said Chancellor Rachel Reeves.

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“Our pensions system is one of the UK’s great strengths. We’re stepping up the pace of pension reform to support not just British pension savers but the British economy, supporting investment to deliver the growth of communities up and down the country,” added pensions minister Torsten Bell.