Will the Pensions Investment Review change the industry?

Late last month, the Government published its final report on the Pensions Investment Review. A £25bn minimum in at least one multi-employer pension scheme, easier transfers and no mandated investments (yet) are the main takeaways. The reforms also build on the recent Mansion House Accord, which saw several large UK workplace pension providers commit to investing at least 10% of their DC default funds in private markets by 2030, with 5% of this UK-based. Clearly, the market is heading on a journey towards megafunds, private assets and more UK investment. But what does this mean for employee...