Our contribution to the real UK economy
Find out more about how our investment strategy contributes to the real economy here in the UK.
£ 38.8 bn
of economic activity is underpinned by our investments
8 %
of our portfolio is invested in UK productive finance
460000
jobs supported by our investments
Our investments underpin £38.8 billion in economic activity - around 2 per cent of the UK economy - supporting 460,000 jobs, and contributing over £7 billion in annual tax revenue.
Additionally, 8 per cent of our portfolio is invested in UK productive finance, including infrastructure, housing, and growth equity.
This means we already invest more than our commitment under the Mansion House Accord, which set a target for its signatories to invest at least 10 per cent of their defined contribution (DC) default funds in private markets by 2030. Within this, at least 5 per cent must be allocated to UK private markets.
Our economic footprint is spread widely across the country and makes up the largest share of the economy in regions including Wales (3.2 per cent) Northern Ireland (3.1 per cent) and the North East (3.1 per cent). Manufacturing and construction, infrastructure and public sector lending and investment comprise most of our economic footprint (£28.7bn).
Source: Frontier Economics, correct as of March 2025.
Collaborating to power regional economies
In October 2025, HM Treasury announced our inclusion in a new investor-led partnership between 20 of the UK’s largest pension funds and insurers called Sterling 20.We typically invest around 50% of our total portfolio in the UK. We’re delighted to be part of a group committed to supporting UK investment further, by engaging early with government and industry partners to help ensure investment projects are designed for success.
It is clear the government is very serious about increasing local investment, and as the Economic Footprint of the Pension Protection Fund report highlighted in March 2025, we’re well placed to support this effort and lend our own expertise to support the greater mission of the Sterling 20 group.
HARP: Strengthening water infrastructure in the North of England
We completed a £60 million investment in the Haweswater Aqueduct Resilience Programme (HARP), a once-in-a-generation project to secure the long-term supply of clean water to 2.5 million people across Greater Manchester and Lancashire.
The project will deliver long-term resilience to the UK’s water supply network.
The Harworth Group: Investing in sustainable growth
The Harworth Group is a leading UK land and property regeneration company headquartered in Rotherham, with offices in Birmingham, Leeds, and Manchester. It owns and manages around 14,000 acres across 100 sites in the North of England and the Midlands. The company create long‑term value by developing sustainable places to live and work, supporting the creation of thousands of new jobs and homes.We hold a 20% stake in the company, originating from an equity restructure in 2015 that led to the Harworth Group's formation.
