UK Treasury chief Rachel Reeves clinched approval of a pension‑scheme bill that lets ministers compel pension funds to place a minimum share in British companies and private assets. The measure survived the House of Lords after last‑minute safeguards were added.

The legislation caps the mandation power, limits its use to 10% of assets, and imposes a sunset clause that ends in 2032. A savers’ interest test and a regulator review now guard against coercive investment.

Pension providers had pushed a voluntary 10% private‑market target in May, but the new bill removes the risk that some funds might fall short. By locking in the 10% requirement, ministers aim to keep the industry aligned with the Mansion House accord and to inject more capital into domestic growth.

The bill’s passage signals a decisive shift in UK pension policy, forcing fund managers to balance short‑term returns against long‑term national investment goals.