UK pension funds step in to build affordable homes

Pension Insurance Corporation is building 125 affordable homes in London as part of £500m plan for 1,000 affordable homes over next five years

The UK’s pension funds are increasingly stepping in to build affordable homes as the housing crisis worsens.

Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, is the latest to enter the market. It is building 125 affordable homes in Kingston upon Thames, south-west London, in partnership with the developer London Square and its affordable housing subsidiary, Square Roots.