No Result
View All Result
Benefits Expert
  • About
  • Advertise
  • Alerts
  • Events
  • Contact
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST
No Result
View All Result
Benefits Expert
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST

Aegon and Cushon to boost pension pots with investment in British Growth Partnership

by Claire Churchard
15/11/2024
Mansion House, Pensions, financial benefits
Share on LinkedInShare on Twitter

Pension providers Aegon UK and Natwest Cushon are backing the government’s British Growth Partnership (BGP) to give workplace savers access to innovative investment opportunities that could boost pension pots.

Previously, this type of investment was not available to defined contribution schemes, so the move represents a major shift for providers and savers.

Chancellor Rachel Reeves announced that the two pension firms would provide cornerstone funding for the BGP in her Mansion House speech last night. This funding will be subject to regulatory approval, investment due diligence and commercial discussions with trustees.

Once approval is confirmed, the British Business Bank plans to launch the BGP in 2025. It will invest in high quality, UK growth companies looking for investment to scale their operations.  

In her speech, Reeves also said that, alongside Phoenix Group, the British Business Bank has completed its ‘long term Investment for technology and science’ (LIFTS) in Schroders Capital, to create a new £500 million investment vehicle to invest in UK science and technology. The government expects 20 percent of the LIFTS capital to be invested into life sciences, which will support growth.

Workplace default pots
Aegon UK said the BGP investment will form part of its largest workplace default fund, the £12 billion Universal Balanced Collection (UBC) fund. Earlier this year, the provider revealed plans to “significantly evolve and incorporate private market investments” into the UBC’s investment portfolio to increase saver returns.

NatWest Cushon said its intention to fund BGP is part of a wider strategy to grow its investment in the UK private market. It said unlisted UK assets can generate investment returns for members and they can improve member engagement. 

“It’s easier to create emotional connections between members and UK success stories,” it said.

UBC fund transformation
The transformation of Aegon UK’s UBC fund, which began in September, aims to improve outcomes for over 700,000 members and provide better risk-adjusted returns and value for money by offering access to a broader range of investment opportunities. 

RELATED POSTS

Serious illness, cardiac, health, hospital, wellbeing, sick

Surge in demand for helpline services following serious illness diagnosis

Employers, encouraged, support, available, employee benefits, injured, ill, employees

HR has ‘highest’ absence rates as heavy workloads and stress hit professionals

Mike Holliday-Williams, CEO at Aegon UK, said: “In June we announced plans to revolutionise our largest workplace default to include private market investments. This partnership with the British Business Bank further demonstrates our cutting-edge capabilities, with the aim of providing workplace savers with access to innovative investment opportunities that have previously been out of reach to DC pensions.”

Bigger pension pots
Lorna Blyth, MD of Investment Solutions, Aegon UK, said: “We are on the path to evolve the UBC fund and turn it into a default fund fit for the future. These changes build on our recent investment into our first bespoke Long Term Asset Fund and focus on robust risk management and diversification. We believe these changes will offer our members improved outcomes and value for money.

“By partnering with the British Business Bank, we can unlock investment into businesses with high growth potential through the BGP, and capture the full commercial potential of world-class breakthrough technology companies.”

Ben Pollard, CEO at NatWest Cushon, said: “As a signatory to the Mansion House Compact, we see the UK growth agenda as a win-win. By investing in impact focused sectors and UK high growth companies, we’re helping secure better outcomes for pension savers and a better future for them and broader society. Initiatives like the BGP are critical to giving pension schemes access to these investment opportunities.”

 

 

Next Post
Workplace pension savings

Named exec could be required to take responsibility for staff pension outcomes

Handshake, recruit, new job, hire, appoint

Standard Life boosts DB pension de-risking team with Mitterhuber 

SUMMIT

BENEFITS UNBOXED PODCAST

Benefits Unboxed
Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
22/05/2025
Benefits Expert from Definite Article Media
Search Results placeholder

GUIDE TO CASH PLANS



CLICK TO REQUEST A FREE COPY

OPINION

Chris Andrew, EVP, Gallagher

Rewriting the deal: how hybrid and remote work is changing EVPs

Pat Sharman, Everyone Matters

What CEOs don’t know about workplace culture, but should

Jo Werker, CEO, Boostworks

Six proactive ways HR can build a happier, healthier workplace

(Left) Simon Fowler, Adviserplus, Empowering People Group, (right) Rena Christou, Halborns

Top 10 employment law reforms every HR team needs to prepare for now

SUBSCRIBE

Benefits Expert

© 2024 Definite Article Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy Policy
  • Terms & Conditions
  • Contact

Follow Benefits Expert

No Result
View All Result
  • News
  • In depth
  • Profile
  • Pensions
  • Global rewards
  • Financial benefits
  • Health & wellbeing
  • Diversity & Inclusion