PRESS RELEASE: Brits Want Pension Funds to Prioritise ‘Best’ Returns Over Forced Investment in the UK, New Poll Shows
New polling shows Brits think the Local Government Pension Scheme (LGPS) should prioritise ‘the best’ returns for savers over investment in the UK.
The survey from More in Common showed that almost twice as many Brits favoured maximising the performance of pensions in the £400bn scheme over mandated domestic investments. It comes as parliament debates giving the government a “reserve power” that could force some pension schemes to invest a minimum portion of their assets in the UK.
Ministers recently moved to retain the power in the Pension Schemes Bill despite the House of Lords voting to scrap it in March. With the bill returning to the Lords on Monday (April 20), a final decision could come this week.
The poll also follows Reform UK’s proposal to merge the LGPS into a ‘sovereign wealth fund’, which would be directed to invest in UK assets. The party’s deputy leader, Richard Tice MP, said in late February that this was a way to “patriotically” back British companies.
But the new nationwide polling shows the British public does not generally support this approach to pension investment.
More in Common asked over 2000 British adults which of these three statements came closest to their view:
- LGPS funds should prioritise investment in the UK, even if it may not produce the best returns
- LGPS funds should focus primarily on getting the best returns for pension savers, rather than on investing in the UK
- Don’t know
The results showed that 40% of Brits thought LGPS funds should focus primarily on getting the best returns for pension savers, rather than on investing in the UK. This was followed by 37% who said they “don’t know”.
Only 23% of the survey’s participants said LGPS funds should prioritise investment in the UK, even if it may not produce the best returns.
Liberal Democrat party voters were most likely to support the position that LGPS funds should focus primarily on getting the best returns for pension savers, rather than on investing in the UK, with 54% supporting this view. Despite their party’s stated policies on LGPS, 51% of Reform UK voters shared the same opinion. This was followed by 49% of Conservative party voters, 45% of Labour party voters and 35% of Green party voters.
James Alexander, CEO of the UK Sustainable Investment and Finance Association (UKSIF), which commissioned the poll, said:
“This survey shows that British savers want decisions about their pensions to focus on secure, long-term growth, not political priorities.
“Forcing pension schemes to invest in the UK risks pushing capital into overvalued assets and distorting markets. This could harm pension performance at a time when retirees are already seeing their living standards fall due to inadequate savings.
“Finance experts, who manage capital over decades, need to be trusted to invest savings responsibly, balancing strong returns with emerging risks and opportunities.
“Policymakers should be focusing their efforts on building a strong pipeline of UK investment opportunities in fast-scaling sectors, such as clean energy, so that pension capital can be deployed where it drives the most growth across the wider economy.”
Notes to editors
More in Common polling: respondents have been weighted according to age/sex interlocked, region, 2024 General Election vote, ethnicity, and education level. This is a nationally representative sample of 2,011 adult Britons. The field work was carried out from April 10 to 13, 2026.
Find comments from ministers and MPs on the most recent HoC Pension Schemes Bill debate here (April 15): https://hansard.parliament.uk/commons/2026-04-15/debates/D93794FC-5F61-4C4B-B7F8-85CC0F2BC060/PensionSchemesBill
Background:
UKSIF is a leading membership organisation that brings together the country’s sustainable investment and finance community and supports its members to expand, enhance and promote this key sector. Our more than 300 members, who have £19trn in assets under management (AUM), include investment managers, pension funds, banks, financial advisers, research providers and NGOs, among others.
Our members are active in and supportive of efforts to promote the sustainable finance agenda. Together, we work closely with policymakers and others to find new ways to overcome the barriers to the growth of sustainability and deliver progress towards decarbonisation of the economy.