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.
In response to: Broadening the investment opportunities of defined contribution pension schemes
In response to: Broadening the investment opportunities of defined contribution pension schemes
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.
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.
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.
In response to: Facilitating investment in illiquid assets by defined contribution pension schemes
This consultation seeks views on proposals and draft regulations to improve the accessibility of illiquid assets for defined contribution pension schemes.
This consultation seeks views on proposals and draft regulations to improve the accessibility of illiquid assets for defined contribution pension schemes.
This consultation seeks views on proposals and draft regulations to improve the accessibility of illiquid assets for defined contribution pension schemes.
This consultation also includes the government response to the consultation on investments in occupational pension schemes (27 Feb 2015).
This consultation seeks views on recommendations made in the Law Commission's report 'Fiduciary duties of investment intermediaries'.
This consultation also includes the government response to the consultation on investments in occupational pension schemes (27 Feb 2015).
This consultation also includes the government response to the consultation on investments in occupational pension schemes (27 Feb 2015).
This consultation seeks views on recommendations made in the Law Commission's report 'Fiduciary duties of investment intermediaries'.
This consultation seeks views on recommendations made in the Law Commission's report 'Fiduciary duties of investment intermediaries'.