According to a November 4 notice, Cartwright reported that “after a rigorous training and due diligence process,” a UK pension scheme had chosen to make the Bitcoin allocation, citing its “long investment time horizon”
UK-based pension specialist Cartwright reported that an “unnamed scheme” had made a 3% allocation of Bitcoin into its pension fund.
According to a November 4 notice, Cartwright reported that “after a rigorous training and due diligence process,” a UK pension scheme had chosen to make the Bitcoin allocation, citing its “long investment time horizon.”
The company’s head of investment implementation, Steve Robinson, said the crypto investment would help “reduce reliance on employer contribution.”
The firm did not provide further details about the nature of the pension scheme or how much would be invested.
Many local and federal governments turned to crypto investments for pension funds in 2024. In the UK, Legal and General, a pension and investment firm with £1.16 trillion ($1.5 trillion) in assets under management (AUM), announced in October that it would consider offering tokenized funds.
South Korea’s pension service reported around £26.22 million ($34 million) in exposure to MicroStrategy, which heavily invests in Bitcoin. As of September 30, the State of Michigan Retirement System (US) held nearly £13.88 million ($18 million) in shares of Bitcoin and Ether exchange traded products.
The UK government changed hands after a July election, in which the Conservatives lost control to Labour for the first time in 14 years.
Before the election in the country, some experts suggested that digital asset regulation would not be a high priority for the new government, which only released its proposed budget in November. The Financial Conduct Authority (FCA) in the UK essentially acts as the country’s financial watchdog, filing enforcement actions against crypto companies when needed.