Pensions & Private Capital Expert Panel Final Report

Since its formation, the Expert Panel has convened regularly to monitor progress, consider market developments and to identify the best ways to address barriers for UK DC schemes to invest into private capital. This final report sets out the recommendations and key findings of the Pensions and Private Capital Expert Panel.

This work builds on the Expert Panel’s interim report, published in September 2024. As highlighted in that report, the UK’s world-leading private capital fund industry offers a huge opportunity for UK DC pension savers to benefit from greater investment in the country’s innovative growth companies.

Following the publication of the interim report, the 12 recommendations provided the Expert Panel with the foundation for its final report. Their work was also informed by a new and evolving policy context following the Chancellor of the Exchequer’s Mansion House Speech in 2024. This final report provides an assessment of how these recommendations have evolved and gives detailed further consideration to several of them.

The key recommendations outlined in this report fall under three overarching themes:

• policy interventions;
• facilitating investment;
• and industry collaboration.

The final report summarises progress made, comments on key market developments and makes more detailed recommendations for industry and policymakers to consider.