Pension Scheme Illiquid Assets Investment
The Department for Work and Pensions is reviewing rules governing pension scheme investments in illiquid assets, including amendments to clearing obligation exemptions for pension funds. The policy addresses concerns that some retirement savings vehicles (particularly cash Lifetime ISAs) may underperform compared to diversified portfolios including bonds and equities, and seeks to improve long-term retirement outcomes through better asset allocation frameworks. Recent regulatory amendments in 2025 modify how pension funds can manage and value illiquid holdings.
2023
Draft statutory guidance: Disclose and Explain asset allocation reporting and performance-based fees and the charge cap
In response to: Broadening the investment opportunities of defined contribution pension schemes
Statutory guidance: Disclose and Explain asset allocation reporting and performance-based fees and the charge cap
In response to: Broadening the investment opportunities of defined contribution pension schemes
Consultation: Broadening the investment opportunities of defined contribution pension schemes
In response to: Broadening the investment opportunities of defined contribution pension schemes
Impact Assessment (consultation): Broadening the investment opportunities of defined contribution pension schemes
In response to: Broadening the investment opportunities of defined contribution pension schemes
Final Disclose and Explain Impact Assessment: Broadening Investment in Illiquid Assets
In response to: Broadening the investment opportunities of defined contribution pension schemes
Government response: Broadening the investment opportunities of defined contribution pension schemes
In response to: Broadening the investment opportunities of defined contribution pension schemes
Broadening the investment opportunities of defined contribution pension schemes — outcome published
This includes the government’s response to the March 2022 - Facilitating Investment in illiquid assets – chapter 2 and seeks views on draft regulations and guidance on the exemption of performance-based fees from the regulatory charge cap proposals.
2022
Broadening the investment opportunities of defined contribution pension schemes — consultation closed
This includes the government’s response to the March 2022 - Facilitating Investment in illiquid assets – chapter 2 and seeks views on draft regulations and guidance on the exemption of performance-based fees from the regulatory charge cap proposals.
Broadening the investment opportunities of defined contribution pension schemes — consultation opened
This includes the government’s response to the March 2022 - Facilitating Investment in illiquid assets – chapter 2 and seeks views on draft regulations and guidance on the exemption of performance-based fees from the regulatory charge cap proposals.
Response: Facilitating investment in illiquid assets by defined contribution pension schemes: Chapter 3 – Employer-related investments — outcome published
In response to: Facilitating investment in illiquid assets by defined contribution pension schemes
Impact assessment (consultation): The Occupational Pension Schemes (Investment) (Employer-related investments by Master Trusts) (Amendment) Regulations
In response to: Facilitating investment in illiquid assets by defined contribution pension schemes
Facilitating investment in illiquid assets by defined contribution pension schemes — outcome published
This consultation seeks views on proposals and draft regulations to improve the accessibility of illiquid assets for defined contribution pension schemes.
Facilitating investment in illiquid assets by defined contribution pension schemes — consultation closed
This consultation seeks views on proposals and draft regulations to improve the accessibility of illiquid assets for defined contribution pension schemes.
Facilitating investment in illiquid assets by defined contribution pension schemes — consultation opened
This consultation seeks views on proposals and draft regulations to improve the accessibility of illiquid assets for defined contribution pension schemes.
2017
Occupational pensions: reducing regulatory burdens and minor regulation changes — outcome published
This consultation also includes the government response to the consultation on investments in occupational pension schemes (27 Feb 2015).
2015
Changes to the law on investments in occupational pension schemes — outcome published
This consultation seeks views on recommendations made in the Law Commission's report 'Fiduciary duties of investment intermediaries'.
Occupational pensions: reducing regulatory burdens and minor regulation changes — consultation closed
This consultation also includes the government response to the consultation on investments in occupational pension schemes (27 Feb 2015).
Occupational pensions: reducing regulatory burdens and minor regulation changes — consultation opened
This consultation also includes the government response to the consultation on investments in occupational pension schemes (27 Feb 2015).
Changes to the law on investments in occupational pension schemes — consultation closed
This consultation seeks views on recommendations made in the Law Commission's report 'Fiduciary duties of investment intermediaries'.
Changes to the law on investments in occupational pension schemes — consultation opened
This consultation seeks views on recommendations made in the Law Commission's report 'Fiduciary duties of investment intermediaries'.