Published: September 09, 2025

We have published our Annual Report and Financial Statements for the year ending 31 March 2025, reflecting the strong progress we continue to make in asset transition, investment performance, responsible investment and value for money.

Growing Assets Under Stewardship

Our assets under stewardship grew to £44.9bn, up from £29.9bn the previous year. Of this, £11.2bn is invested in the UK. We now provide oversight and stewardship of more than £11bn in Partner Fund passive assets managed by L&G, meaning over 70% of Partner Funds’ portfolios are under our stewardship.

Driving Stewardship Innovation

One of the key highlights of the year was the launch of our £11bn passive oversight and stewardship mandate with L&G, which introduced the UK’s first pooled voting structure.

This new model:

• Strengthens transparency
• Streamlines oversight
• Delivers greater real-world impact through unified stewardship

Together with our Partner Funds, we shape the stewardship strategy, including our voting beliefs and execution. By speaking with one consistent voice in corporate engagement, we amplify influence and demonstrate how pooling can deliver efficiency and responsible ownership at scale.

Delivering Long-Term Value

Since inception, we have delivered £115m in gross cost savings for Partner Funds, with projected savings of £372m by 2033/34. Net savings banked to date stand at £31m, and this figure is now growing by more than £15m every year.

Strong Investment Performance

We continue to add value for our Partner Funds, with 78% of actively managed listed assets in funds that outperformed their benchmark during the year.

Our Perspective

As David Kane, our Interim Chief Finance Officer, explains:

“Our purpose is to deliver long-term value for Partner Funds and their scheme members. This year, we demonstrated both strong growth and value for money, with over £115m of gross savings banked so far, investment performance that supports Partner Fund objectives, and improved governance through our oversight of £11bn in Partner Fund passive assets. We will continue to ensure that pooling delivers real and measurable benefits for our Partner Funds, and in turn, the members and communities that they serve.”

And in the words of our CEO, Richard Law-Deeks:

“Over the past eight years, we have grown from £3bn to nearly £45bn of Partner Fund assets, with further transitions underway at pace in line with our Fit for the Future plan. I am proud that we have delivered, and will continue to deliver, meaningful savings, while expanding investment solutions and embedding responsible investment at the heart of our approach for a pension scheme that takes care of over a million members.”

You can view our Annual Report and Financial Statements 2025 in full on here.