Joint Pension Research Asset Ownership Research

Built to Grow: How asset ownership can improve outcomes and help the UK economy.
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About the report

As the UK pension market consolidates, an opportunity exists is to build capable asset owners with the governance, expertise and partnerships to turn scale into better outcomes. New research from People's Pensions and Invesco explores the value this could create and the choices facing schemes.

25–75bps Plausible annual asset ownership premium

5–35% Potential improvement in retirement outcomes over 40 years

£75–110B Potential annual boost to the UK economy over a 20-year horizon

01

Scale alone is not enough

The strongest pension systems are defined not simply by the size of their assets, but by the quality of their institutions. Scale can lower costs, strengthen bargaining power and widen access to private markets. Capturing those advantages, however, depends on clear purpose, effective governance, skilled teams and disciplined implementation.

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02

Control through partnership

Asset ownership is not the same as bringing everything in-house. It is about retaining control of purpose, portfolio design, risk and key decisions while deliberately choosing where external expertise can extend capability. A partnership approach can help schemes move from buying products to owning the portfolio and orchestrating the ecosystem around it.

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03

Supporting UK economic growth

Stronger asset ownership can improve outcomes for pension savers while enabling schemes to invest more effectively in UK private markets. The report estimates that £30–£90 billion could flow into UK private assets, including £10–£45 billion of economic capital. This wider benefit would be a consequence of stronger asset ownership, rather than its primary objective.

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Get the full report

Explore the evidence behind the asset ownership premium, the implications for UK growth and a practical
framework for schemes considering what kind of investment organisation they want to become.

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Discover more from Invesco

  • Investment risks

    The value of investments and any income will fluctuate (this may partly be the result of

    exchange rate fluctuations) and investors may not get back the full amount invested.

    Important information

    All data as at 30 September 2026, unless otherwise stated.

    This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy.

    Views and opinions are based on current market conditions and are subject to change.

  • EMEA5993631/2026