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ARTICLE · 23 OCTOBER 2026

The Pensions Brief: October 2026

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The Pensions Regulator has released a comprehensive market oversight report examining UK pension schemes' investment strategies in private markets, revealing significant differences in appetite between DC and DB schemes. Meanwhile, the government is consulting on major regulatory changes including GMP conversion rules, small pots consolidation, and the replacement of the state pension triple lock with a new double lock system.

United KingdomEmployment and HR
Andrew Block
Andrew Block
Katherine Carter
Katherine Carter
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Issues Affecting All Schemes

Private Market Investment: Pensions Regulator Report

The Pensions Regulator (TPR) has published a market oversight report on investment by UK pension schemes in private markets, particularly UK private markets. Key findings include:

  • Trustees are open to UK private market investments if the investments offered meet the scheme’s investment needs and characteristics. DC schemes and master trusts with the necessary scale and capacity have made significant progress, but appetite is limited among DB schemes to invest in private markets beyond private credit or certain types of infrastructure and real estate.
  • Schemes tend to invest in funds that offer blended access to some combination of private credit, infrastructure, property and private equity. There is much less interest in venture capital.

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