Scottish Widows Steers Workplace Pensions Into UK Tech, Backing 2 Quantum Startups
Updated
Updated · The Quantum Insider · Nov 2
Scottish Widows Steers Workplace Pensions Into UK Tech, Backing 2 Quantum Startups
3 articles · Updated · The Quantum Insider · Nov 2
Summary
Scottish Widows has begun channeling workplace pension savings into U.K. venture-growth companies, with initial investments expected in Oxford Quantum Circuits, Quantum Motion, Nyobolt and Genomics Limited.
Aberdeen Investments appointed IP Group to run the portfolio inside the CG Scottish Widows Growth long-term asset fund, targeting follow-on capital for British companies moving from research toward commercialization and expansion.
Scottish Widows said the move could improve retirement outcomes while opening private-market access to pension members through default funds, including options with about 11% and 23% exposure to private markets.
The provider, part of Lloyds Banking Group with more than 6 million customers and over £300 billion under administration, said it is among the first workplace pension schemes to direct members' money into U.K. venture-growth businesses.
The launch adds to a broader push to mobilize domestic pension capital for British innovation, following Nest's £200 million venture allocation in July and renewed promotion of Scotland's quantum sector.