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The UK should limit the ability of single issue pressure groups and activists to block vital infrastructure projects, by imposing a fee to object to planning consent in order to limit the high and disproportionate costs they cause, according to a new report from Pension Insurance Corporation plc (‘PIC’), ‘Planes, Trains and Regulatory Gains’, published today.
Social value should be put at the heart of every project. The report recommends the best way to achieve this is by offering developers the ability to offer financial and other incentives to encourage stronger community support for developments in their area.
To break down the bureaucratic barriers that are setting back investment PIC also recommend that a fast-track regulatory process be established that uses the judgement of the best regulators from around the world to guide UK counterparts, enabling faster approvals of goods and services.
The 28 policy recommendations unveiled in the report will support the UK to unlock its potential and create more viable projects. This will boost not only the quality of UK infrastructure, but spur economic growth, productivity, and create crucial social value for local people.
Rob Groves, Chief Investment Officer at PIC and sponsor of the report, said: “PIC has invested more than £14 billion in UK housing and infrastructure, and this wealth of experience is the driving force behind these 28 recommendations.
“Institutional investors, like PIC, want to invest more in UK infrastructure and have plenty of available funding to do so. The challenge is that we are not presented with enough viable, investable projects domestically. We believe this can be addressed through the policy reforms outlined in this report.
“Our industry should invest hundreds of billions of pounds in UK housing and infrastructure over the next decade. This is a historic opportunity to address decades of underinvestment and start to turn things around this year and for decades to come.”
For years the UK has significantly underinvested in its housing and infrastructure, lagging international peers. It is now reaching a critical point. While some blame a lack of institutional investment, the report argues that the UK just isn’t providing enough investment ready projects for major institutional investors.
In particular, the viability gap is a huge cause for concern and something that has become a real challenge this year – the gap exists when the cost of delivering a project exceeds the expected return - and for PIC, who has long term cash flow liabilities to meet (in order to pay their policyholders both now and in the future), the need to make a long-term return is essential.
The report outlines 28 policy recommendations to help cut the burden of regulation to deliver far more houses and infrastructure per pound invested in the future. Cutting the delays and reducing the added costs which force up project costs are the only ways to unlock the true potential for continued success.
Mike Reader, Labour MP and Chair of the Infrastructure APPG comments on the report: “Economic growth depends on our ability to deliver modern infrastructure at pace. That means government and industry working together. It’s welcome to see PIC bringing forward ideas to help get Britain building again and I would strongly encourage the wider private sector to do the same. We all have a part to play”
- Ends –
Notes to Editors
Chelsey Wheeler
Public Relations – Senior Manager
Wheeler@pensioncorporation.com
07586686414
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2025, PIC had insured 399,200 pension scheme members and had £51.5 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. At 30 June 2025, PIC had made total pension payments of £17.8 billion to its policyholders and had invested more than £14.6 billion in the UK economy, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
