Your Pension Is Buying Private Equity Now
Is your retirement savings being moved into high-risk, illiquid assets? This documentary explores the Mansion House Accord and the shift in UK workplace pensions toward private equity, private debt, and infrastructure projects like toll roads and data centres.
We examine the role of Long-Term Asset Funds (LTAFs) and the 'transparency gap' that exists when money moves from public stock exchanges to private markets. From the 90-day redemption rules to the conflict between management fees and FCA price caps, we analyze the trade-off between potential productivity gains and individual risk.
Are these changes designed to boost your pension pot, or are they shifting systemic risk onto the average worker? Learn how to check your pension factsheet to see where your money is actually going.
Educational documentary. Not financial or investment advice.
In these topics
Sources and credits
Photo credits (Wikimedia Commons)
- Mansion House, City of London — where the Mansion House Accord takes its name: Arpingstone at English Wikipedia, Public domain - https://commons.wikimedia.org/wiki/File%3AMansion_House_London.jpg
- Palace of Westminster — UK Parliament, source of pension-policy research: CAPTAIN RAJU, CC0 - https://commons.wikimedia.org/wiki/File%3APalace_of_Westminster_in_2025.04.jpg
- National Wind Technology Center, Colorado — renewable-energy infrastructure asset: Photo by Dennis Schroeder – ENERGY.GOV, Public domain - https://commons.wikimedia.org/wiki/File%3ANational_Wind_Technology_Center_-_Colorado.jpg
- Aerial view of a wind turbine facility — renewable-energy infrastructure asset: ENERGY.GOV, Public domain - https://commons.wikimedia.org/wiki/File%3AAerial_view_of_the_National_Wind_Technology_Center.jpg
- Computer server farm — data-centre infrastructure asset: NASA, Public domain - https://commons.wikimedia.org/wiki/File%3AA_NASA_computer_server_farm_-a.jpg
Primary sources
- Pensions UK official document and UK Parliament Commons Hansard record, 13 May 2025 — the Mansion House Accord commitment, 17 signatories, £252 billion in DC assets.
- Financial Conduct Authority final rules on Long-Term Asset Funds, 29 June 2023 — the LTAF structure allowing illiquid assets without daily pricing or continuous redemption.
- Financial Stability Board, 'FSB Warns on Private Credit Vulnerabilities', May 2026 — $1.5–2 trillion global private credit market, ~$220 billion observable through bank credit lines.
- Alternative Credit Investor reporting, March–July 2026 — Blackstone BCRED Q1 2026 requests 7.9%, Q2 2026 approximately 10%; Blue Owl Q2 2026 $4.7 billion withdrawn with unmet demand.
- FCA Policy Statement on broadening retail access, June 29, 2023 — €100,000+ minimum investment historically required for private markets.
- FCA final rules on workplace pension charges, March 2015 — default fund charge cap of 0.75% per year.
- Business Wire press release, Marsh McLennan (Mercer parent), December 15, 2025 — Mercer and now:pensions £350 million LTAF with Schroders.
- Private Equity International analysis, Alternative Credit Investor, Dealroom news, 2026 — Nest 18–20% private markets allocation, 5% private equity, 30% target by 2030.
- Fitch Ratings via IDN Financials, 2025 — US private credit default rate 9.2%.
- abrdn (Aberdeen Group plc) survey, 15 November 2024 — 54% want greater private asset allocation, 14% opposed.
- Preqin private equity fee data via industry reporting, December 2025, and Callan 2024 Private Equity Fees and Terms Study — ~2% average management fee, 20% typical carried interest.
Not regulated financial advice.