Savers want the best returns, regardless of where their pension is invested, PensionBee research suggests

London, 3 September 2026: Most pension savers want their money invested wherever the best growth is delivered, and would only want a greater share of their pension fund being allocated towards the UK if this was supported by the prospect of improved returns, according to new PensionBee research.

The results come as the Government has built on the Mansion House Accord, with mandation powers now written into the Pension Schemes Act 2026 granting it a restricted reserve power to require workplace defined contribution pension funds to invest more in the UK. There is now greater pressure on those pension schemes, to increase their domestic allocations. 

However, PensionBee’s surveys of customers in its Global Leaders Plan (PensionBee’s ‘default’ fund for the under 50s) and 4Plus Plan (the default for those over 50) suggest many savers are unconvinced by the case for home bias, if it comes at the expense of returns.

Savers were told that the UK currently makes up around 3% of global stock markets, a weighting mirrored in PensionBee's all-equities Global Leaders Plan, and asked which statement came closest to their own view on UK investment. In response, 61% said they simply want the best returns, wherever in the world that is. A little over a fifth (21%) said they would support more UK investment, while only 16% had no strong view. 

Among those who do back more UK investment, their support comes with conditions. Of those savers, more than half (52%) said they would only support it if it didn't reduce their returns, and 31% would need a better tax incentive. Only 16% of those who were broadly positive about investing in the UK said they'd support more investment at home, even if it meant lower returns. 

On stewardship, savers ranked ending child and forced labour (47%) and paying real living wages (38%) as the issues that matter most to them, ahead of companies using fair tax practices (27%) and reducing greenhouse gas emissions (26%).

The survey also points to strong support for PensionBee's global approach more broadly. Over eight in ten (84%) respondents across both plans said they are satisfied or very satisfied with the plans that they are invested in, against just 3% who are dissatisfied.

Key findings at a glance:

• 61% of savers in PensionBee’s default funds want the best returns wherever in the world that is, versus 21% who'd support more UK investment.
• Of those open to more UK investment, 52% said they would only be in support if it didn't reduce their returns, and 31% suggested they would support it only with a better tax incentive.
• Savers' top stewardship priorities include ending child and forced labour (47%) and paying real living wages (38%).
• Across both defaults (Global Leaders Plan and 4Plus Plan), 84% of savers said they were satisfied or very satisfied with PensionBee’s global approach.

Clare Reilly, Chief Investment Solutions Officer at PensionBee, said: “Our job is to seek the best returns for our default customers, wherever in the world they're found, which is why 84% of survey respondents told us they're happy with our global approach to growing their retirement savings. Our survey found little appetite for a greater UK tilt. And even among the minority who wanted one, most said they wouldn't accept it if it meant lower returns.

“If savers are telling us that they don't want their retirement pots steered towards the UK unless it leaves them better off, then these insights may give the Government pause for thought. Without a clear returns rationale or other tax incentives to sweeten the deal for savers in the workplace, then they are asking ordinary savers to shoulder the long term consequences of decisions made for them, not by them.”