M&G joins pension giants pledging to invest in UK infrastructure

Pension provider M&G has joined Legal & General and NEST in pledging to channel pension savings into UK infrastructure and fast-growing sectors across the UK.

M&G will join the new partnership between 20 of the UK’s biggest pension providers and insurers, the Sterling 20 Group, which will formally launch at the Regional Investment Summit in Birmingham this week.

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It builds on the Mansion House Accord, a voluntary agreement among workplace pension providers in the UK to invest at least ten per cent of defined contribution (DC) funds into private markets, with five per cent allocated to the UK.

The move is expected to unlock over £25bn for housing, infrastructure and innovation in every region of the country.

Read more:UK minister says pension schemes will not be forced to invest in private markets

“UK pension providers have a great opportunity to drive economic growth and give savers the returns they need for retirement,” said Andrea Rossi, chief executive of M&G.

“The Sterling 20 Group offers a powerful platform for institutional investors to shape the country’s future from long-term investment in housing, infrastructure or strategic national projects. As a UK-listed savings and investment company investing £100 billion domestically, we are proud to be playing our part.”

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