The missing allocation - the case for UK infrastructure in DC default funds

From 2029, large UK workplace pension schemes will be required to guide their members into a retirement income, not just a pot — and most defaults were never designed to pay one. Alistair Ray, CIO of Dalmore Capital, argues that infrastructure, held at an estimated 3% by UK workplace DC against roughly 10% in Canada and 7% in Australia, is the missing allocation: an asset class that could help fund the flexible years of retirement — if schemes begin the underwriting work now.

Dalmore Capital is part of Royal London Asset Management, the asset management arm of Royal London. Dalmore Capital is a UK infrastructure investment manager overseeing more than £5.7 billion of capital* on behalf of institutional investors. The firm currently holds a diversified portfolio of 128 infrastructure assets* accumulated since its formation in 2009, across Core, Core+ and PPP social infrastructure assets.

Read in full: The Missing Allocation - the case for UK infrastructure in DC default funds

*As at June 2026.

This is a financial promotion and is not investment advice. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. Portfolio characteristics and holdings are subject to change without notice. The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.