The chief executive of Octopus Energy has called on Labour Chancellor Rachel Reeves to introduce urgent new rules regarding pension fund investments. Greg Jackson is urging the government to unlock pension funds and channel them into British technology companies, citing Octopus Energy itself as a prime example of a successful UK tech firm.
Call for Faster Reforms
Speaking at The Times CEO Summit during a panel on technology sovereignty, Mr Jackson emphasised the need for swift government action. He noted that it is currently unclear where large UK tech companies should list, and that the timeframe for proposed pension reforms is too slow.
Mr Jackson supports the Mansion House reforms initiated by Ms Reeves but believes they need to be accelerated. The government’s Plan for Change aims to unlock up to £50 billion of investment for UK businesses and infrastructure through agreements with major pension funds.
New Investment Rules
Under the proposed rules, companies would be required to invest 10 percent of their workplace portfolios in assets that boost the economy—such as infrastructure, property, and private equity—by 2030. At least 5 percent of these portfolios would be ringfenced for UK investments, expected to release £25 billion directly into the UK economy by 2030.
Urgency Required
Mr Jackson highlighted that Octopus Energy has raised $3 billion in total investment, with $2.9 billion coming from overseas. He argued that foreign investors lack the same sentimental attachment to the UK as domestic ones, making it crucial for the government to act quickly.
“They need to change fast. The reforms to pensions are expected to take place over the next five years — you can't wait five years,” Mr Jackson said. “We need Government to act with the same urgency that the biggest tech companies are.”
He concluded by stressing the broader implications: “We have to do it not just for British companies and the British economy but for British pensioners and British investors. Unless we start making some difficult decisions, we are stuck in a world where we have spiralling energy costs, you can't get a connection [to the grid], and it challenges our ability to do everything from AI right through to running a warehouse and building houses.”
