Uk pension mandates retreat amid fiduciary duties concerns

A year ago, Rachel Reeves unveiled the Mansion House accord, a pledge from 17 major UK pension providers to increase investment in UK assets. While the move was seen as a step towards bolstering domestic economic growth, the plan's voluntary nature and reliance on government and regulatory support raised concerns over its enforceability.

Fiduciary duties weigh heavy

The signatories emphasized that any commitments would be subject to their fiduciary duties to clients, effectively limiting the scope of the accord. This stance was backed by industry giants like Aviva, Legal & General, and M&G, who warned against mandating funds to invest in specific projects like the HS2 railway.

Reeves' subsequent push for