Pension Investment Platform confirmed

Autumn Statement 2012: Chancellor George Osborne has confirmed that the Pension Infrastructure Platform (PIP) will launch in the first half of 2013.

The PIP is an initiative that aims to increase the investment by UK pension schemes in UK infrastructure.

The government, the National Association of Pension Funds (NAPF) and the Pension Protection Fund (PPF) signed a memorandum of understanding to create the PIP in 2011.

NAPF and PPF announced in October 2012 that seven major UK pension funds have signed up as founding investors. These include: BAE Systems Pension Funds, BT Pension Scheme, The Railways Pension Scheme, Strathclyde Pension Fund and West Midlands Pension Fund.

The government has worked closely with NAPF and PPF to support the foundation of the PIP, but it will be fully independent of government.