Investors back Pensions Platform
18 October 2012
The initial investors in the Pensions Investment Platform (PIP) have been revealed.
Chief Secretary to the Treasury Danny Alexander welcomed the progress made by the National Association of Pension Funds (NAPF) and the Pension Protection Fund (PPF) in securing "a critical mass of Founding Investors".It is expected the Founding Investors will provide around half of the target £2bn of investment capital for the platform, before it launches early next year.
Joanne Segars, Chief Executive, NAPF, said: "This is an important milestone for an exciting and unique project. Pension funds are on the lookout for long-term, inflation-linked investments, and infrastructure projects can be a strong match. We’ve had some useful talks with the government over the past six months, and we will continue working together to take this project forward."
The government, the NAPF and PPF signed a memorandum of understanding to create the PIP last year. It forms part of plans to encourage up to £20bn of private sector finance for UK infrastructure over the next decade announced at the Autumn Statement 2011.
"These plans remain on track," said the Treasury.
Work will now start on recruiting adequate resource and further developing the PIP in time for its launch in early 2013.
The Founding Investors are: BAE Systems Pension Funds, BT Pension Scheme, Pension Protection Fund, The Railways Pension Scheme, Strathclyde Pension Fund, and West Midlands Pension Fund
