Pensions infrastructure fund builds up past the £1bn mark

The pension industry has raised more than £1bn for its fund to invest in Britain's infrastructure, a key plank of the Government's economic growth strategy.

National Association of Pension Funds chief executive Joanne Segars, right, said she would shortly be announcing "a couple" of new investors in its Pension Infrastructure Platform (PIP). This aims to raise £2bn to invest in projects like roads and rail, as Chancellor George Osborne looks for private money to create construction and engineering jobs.

The plan already has several big-name pension funds invested, including those of defence group BAE Systems and telecoms giant BT. However, there have been concerns there has been little news on PIP since the announcement of the founder members last year.

But Ms Segars said: "We're very, very busy putting the infrastructure platform into place. I talk to a lot of fund managers who would give their eye-teeth to have raised £1bn in just 12 months."