UK pension providers in talks for £1bn Scale-Up Fund. Talks come weeks after France sought to block British participation in EU's own scheme. The UK's biggest pension funds are in talks to launch a £1bn investment vehicle dedicated to backing British tech scaleups, in the latest attempt to unlock more domestic capital for the sector. A consortium of pension providers, including Railpen and Nest, is working with the British Business Bank on the proposed new UK Scale-Up Fund, aiming to create a first-of-its-kind vehicle to help homegrown startups commercialise, expand internationally and create jobs. The announcement comes just weeks after Sifted revealed France was seeking to block the UK's participation in the EU's own €5bn Scaleup Europe Fund, casting doubt over British startups' access to one of the continent's biggest new sources of late-stage capital. In a statement released on Monday, prime minister Andy Burnham described the proposal as "a vote of confidence in British business, British talent and British ambition." He said: "This new fund would help unlock good growth in every postcode, connecting pension investment with the entrepreneurs and technologies that will reindustrialise Britain and create the jobs of the future." The fund would seek to generate long-term returns for pension members by investing in successful UK companies, while supporting economic growth through innovation and job creation. "Our priority is always to deliver strong long-term outcomes for our members," said Railpen CEO Andy Bord. "The UK Scale-up Fund represents a compelling investment opportunity where disciplined, patient capital can help growing companies scale." Nest chief Ian Cornelius added that the pension provider saw "an important role for pension capital in helping successful UK businesses access the funding they need to grow." The proposal follows years of debate over the UK's shortage of domestic growth capital. While Britain boasts one of the world's largest VC markets, many of its most successful startups still depend on foreign investors to fund later-stage growth, prompting repeated calls from founders, investors and policymakers for UK pension funds to play a larger role in backing homegrown tech companies. Martin Coulter is Sifted's news editor, based in London. You can follow him on LinkedIn and X

Chris Hitchen among trio of appointments to TPR board. Former Railpen chief executive Chris Hitchen is one of three new appointments to the board of the Pensions Regulator (TPR), it announced this week. Also joining is Tracey McDermott, a former senior director at the Financial Conduct Authority (FCA). TPR's executive director of market oversight, Ben Gunnee, has also been named to the board. McDermott and Hitchen replace Alison Hatcher and Kirstin Baker as non-executive directors. Hatcher left the regulator's board last year, while Baker will step down after concluding her spell as interim chair. Emma Douglas will take over as chair of TPR on 1 July. Baker said the new appointments "bring strong leadership experience and deep pensions, regulatory and financial services expertise" to support the board and Douglas when she takes up her role. The regulator has refreshed its structure and made several new senior appointments over the past 18 months in preparation for changes being made through the Pension Schemes Act. TPR will publish a new five-year strategy next month in response to the act's contents. The new faces on TPR's board. Hitchen worked at Railpen for 19 years, including as chief investment officer and latterly CEO. He is a former chair of Pensions UK, and has held a number of non-executive and trustee positions in recent years, including at Nest and Border to Coast Pensions Partnership. Hitchen is currently chair of the Nuclear Liabilities Fund and a member of the investment committee at Guardian Media Group, which owns The Guardian and The Observer newspapers. "My longstanding experience representing the pensions industry and working across large, complex schemes has forged my commitment to better long-term outcomes for pension scheme members, their employers and for the UK as a whole," Hitchen said. "I look forward to working with the board and industry colleagues to deliver strong, flexible governance and high standards across the sector." Chris Hitchen spoke to Pensions Expert's sister title LAPF Investments last year as he prepared to step down from the board of Border to Coast. McDermott, meanwhile, spent 15 years at the FCA and its predecessor, the Financial Services Authority, holding several senior roles, including director of enforcement and financial crime, director of supervision and authorisations, and acting CEO. After leaving the FCA, McDermott worked at Standard Chartered on its global management team. She chairs the board of trustees of the Standard Chartered Foundation and is a member of the management team of Wolfsberg Group, a global banking lobby group. Ben Gunnee joined TPR in February as interim executive director of market oversight and has subsequently been given the role on a permanent basis. He said: "People expect a secure, sustainable income in retirement. At this vital moment for pensions, I welcome the opportunity to help deliver essential reforms and shape a system that drives strong outcomes for members. "My focus will be on ensuring market participants have the highest standards of governance, employing a forward-looking and proactive supervisory model to stop harms before they arise."

Railpen appoints chief people officer and chief risk officer. Railpen, manager of the £34bn railways pension scheme in the UK, has appointed Sian Myers as chief people officer and Helen Whelan as chief risk officer. Myers will be accountable for Railpen's people strategy. She replaces Paula Brack, who is retiring. Myers joins Railpen in April from insurance company Ageas UK, where she was chief people officer. She also previously worked as chief people officer at Countryside Partnerships, now Vistry Group, and in senior human resources positions at Ford Motor Company. At Railpen, Whelan will lead business-wide action to identify and mitigate financial, compliance and operational risks. She replaces interim chief risk officer Craig Hamilton. Whelan will join in late March from private bank Brown Shipley & Co, where she was chief risk officer. Before then, she worked at LGT Wealth Management for almost 16 years, most recently as head of risk. Andy Bord, chief executive of Railpen, says: "I am delighted to welcome Sian and Helen to Railpen. Their expertise, extensive experience and strong leadership will be invaluable as we navigate the opportunities and challenges that lie ahead." Myers and Whelan will both join Railpen's executive committee, reporting directly to Bord. In January, Railpen appointed Sarah Gray as general counsel, replacing Sally-Ann James, who is retiring.