Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Pitt-Watson on 17 September (HL3074), what progress has been made towards the voluntary commitment by UK pension funds to allocate at least 10 per cent of their default funds in private markets by 2030, with at least half of that invested in the UK; and how much has so far been invested under that commitment.

I refer the noble Lord to the answer given to UIN HL3818 on 19 October 2026.

The Government is unlocking billions of pounds of investment through the landmark reforms introduced in the Pension Schemes Act.

The industry-led Mansion House Accord commitment includes investment in asset classes such as infrastructure, housing and venture capital, as well as the London Stock Exchange growth markets.

The Government is encouraged by progress so far. According to regulatory data published on 13 July 2026, 4.9% of pension default arrangements are invested in private markets, as of 31 December 2025. 2.0% is invested specifically in UK private markets.