Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has had discussions with pension funds on investing in infrastructure improvements in (a) towns, (b) Crewe and (c) Nantwich.

The Chancellor routinely engages with a wide range of stakeholders – including pension funds – to ensure that government policy is robust and deliverable.

The government introduced the Pension Schemes Bill on 5 June 2025. The Bill provides the necessary legislative framework to implement the government's ambitious reforms for the pensions market. We will expect to see benefits for both members and the wider economy through productive investment.

These reforms include measures to drive scale and consolidation in the defined contribution workplace pensions market and the Local Government Pension Scheme (England and Wales). These reforms will unlock billions of pounds in investment for productive assets, improve efficiency in the LGPS, and deliver better returns for savers.

As part of these reforms, each LGPS Administering Authority will be required to specify a target allocation for local investment , which their asset pool will be expected to implement. Pools will also be required to work in partnership with Local and Mayoral Combined Authorities in identifying investment opportunities in support of local growth.

The measures in the Pension Schemes Bill will also ensure pension schemes have the scale and expertise to access a wider range of investments. The Chancellor is clear that she wants to see more investments flowing into high growth companies and infrastructure.

Additionally, on 13 May, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution main default funds in private markets by 2030, with at least half of that invested in UK private assets.

This is expected to unlock £50 billion of additional private market investment by 2030, including £25 billion for the UK. As providers work towards meeting these commitments, they will be investing more in private, illiquid assets such as infrastructure projects.