Pension fund investment is boost for Cornish technology company

SMART Pension has committed a £330 million investment into funds managed by Octopus Energy, marking an early success for the Chancellor’s Mansion House Accord, as it backs a Cornwall-based green technology firm’s net zero project in South Wales, writes Matt Kenyon.

- Matt Kenyon

The pension firm, boasting over £7 billion in assets under management, said the commitment will account for 5% of its default fund portfolio. It will form a big part of its goal to allocate at least 15% to private markets.

The Mansion House Accord, a pact made between some of the UK’s largest pension funds in May this year, included a promise to invest at least 10 per cent of pension funds into private markets, with at least half of this being UK-related.

Chancellor Rachel Reeves said: “Our reforms are about unlocking investment to deliver higher returns for savers, drive growth, and create good jobs. This means more money in the pockets of working people, our Plan for Change in action.”