Almost two thirds (61 per cent) of pension savers say they prioritise the best investment returns over location, despite the government’s efforts to encourage pension schemes to invest more in the UK, according to a survey by PensionBee.

By comparison, just 21 per cent supported greater UK investment, while 16 per cent had no strong view.

The research, which surveyed PensionBee's default fund savers, comes as the government steps up efforts to increase UK pension fund investment through powers introduced in the Pension Schemes Act 2026.

Among savers who supported greater UK investment, 52 per cent said they would do so only if returns did not fall, 31 per cent said better tax incentives would be needed, and just 16 per cent would accept lower returns.

When asked about stewardship concerns, respondents ranked ending child and forced labour (47 per cent) and paying real living wages (38 per cent) as the issues that mattered most.

PensionBee chief investment solutions officer, Clare Reilly, said: “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."

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