Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of increasing pension fund investment in private markets and infrastructure on the economy.

In 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 the UK.

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

Additionally, the measures in the Pension Schemes Bill, introduced in July, will ensure pension schemes have the scale and expertise to access these types of investment.