Twenty of the UK’s largest pension providers and insurers are joining forces under a new initiative to channel billions into regional housing, infrastructure and business investment across the country.
The group, known as the Sterling 20, will be launched at the government’s first regional investment summit in Birmingham on Tuesday (21 October) as part of efforts to drive growth in every part of the UK.
Legal & General has committed £2bn by 2030, which it says will help deliver around 10,000 affordable homes and create 24,000 jobs.
Nest, representing around a third of the UK workforce, will invest £500m with Schroders Capital, with £100m earmarked for UK projects in the coming years.
Chancellor Rachel Reeves said: “This is about getting Britain building again, bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country.
“When our pension funds invest in Britain, everyone benefits. Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that rewards working people.”
L&G Group CEO António Simões said the firm’s commitment would help unlock investment in productive assets nationwide.
“As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong returns and lasting social impact,” he said.
Aviva Group CEO Amanda Blanc added: “We are proud to back the Mansion House Accord, a powerful example of industry and government working together to boost UK investment, deliver better returns for savers and support economic growth.”
Phoenix Group CEO Andy Briggs said the Sterling 20 would help “unlock billions in long-term investment to support communities, build critical regional infrastructure and fuel innovation across the UK.”
ABI director general Hannah Gurga described the Sterling 20 as “a bold step” that demonstrates the power of collaboration in driving both economic growth and better outcomes for savers.”