The information contained in this article is for informational purposes only and to serve as a basis for discussion. It is not intended to be, and should not be construed as, financial or investment advice or a recommendation or solicitation to buy or sell any cryptocurrency or other digital asset.

In October 2024, a UK pension fund made history by becoming the first in the country and one of the first globally to allocate to Bitcoin. What made the move even more significant was its scale and structure; at 3% of the portfolio, it remains the largest percentage allocation by any pension fund worldwide. Crucially, it’s also the only allocation made directly into Bitcoin itself rather than through an ETF.

Behind this landmark decision was Sam Roberts, Director of Investment Consulting at Cartwright, who worked closely with the trustees to design and deliver the allocation. One year on, we sat down with Sam to reflect on what it took to bring Bitcoin into a pension scheme for the very first time, what has happened since, and what it could mean for the future of pension provision.

What was the catalyst for exploring Bitcoin as a pension scheme asset in the first place?

A pivotal moment came in 2022 when sovereign bonds were frozen after the Russian invasion of Ukraine. Assets once considered risk-free suddenly carried counterparty risk. That made us ask: what assets genuinely sit outside that system? The answer was gold and Bitcoin. From that point, we began to look into Bitcoin as a serious institutional asset.

How did pension trustees move from initial scepticism to approval?

It took time and education. We ran training sessions in early 2024 to help trustees understand Bitcoin as an asset class, its risk-return profile and how it might fit into their strategy. Importantly, we modelled extreme scenarios, from Bitcoin going to zero to doubling in value and showed what that meant for their long-term objectives. That transparency was key to winning consensus.

What safeguards were built in to give pension trustees confidence?

We designed a clear rebalancing framework to remove emotional decision-making. Profits would be trimmed at pre-agreed levels, protecting the scheme against volatility. We also undertook extensive due diligence on providers, choosing Onramp for custody and Zodia Markets as the trading partner. Both offered the security, governance and credibility needed for such a pioneering step.

What surprised you most about the process?

The level of rigour involved. Multiple stakeholders had to be aligned – the trustees, the employers and the fund committee. Every stage was scrutinised. Far from being a rushed decision, it was one of the most considered allocations I’ve been part of. That surprised some people who assume Bitcoin investments are speculative or emotional.

One year on, what has the performance shown?

While this is a ten-year strategy, early results have been very positive and timing has played a crucial role. The allocation was made in October 2024, just weeks before the U.S. election result and ahead of the presidential inauguration, at a point when Bitcoin was trading just below £52,000. Since then, Bitcoin has reached several new all-time highs, the most recent on 3rd October 2025, representing a 76% increase from the initial investment.

For comparison, over the same period gold rose by 37%, while Global Equities (FTSE AW) increased by just 15%. Against that backdrop, the Bitcoin allocation has clearly added value. Just as important, the additional volatility to the overall pension portfolio has been minimal, only a couple of percentage points. That shows a modest allocation can provide meaningful upside without jeopardising long-term stability.

How did Zodia Markets help reduce risk and build confidence?

Execution and settlement matter hugely for trustees. Zodia Markets are a fellow UK Headquartered firm that provided a bank-backed, FCA-registered platform giving everyone confidence. We were able to test transactions in and out before go-live, ensuring full control and transparency. That gave trustees the assurance they needed that the plumbing worked to institutional standards.

Have other schemes approached you since this allocation became public?

Yes, there’s been a noticeable uptick in interest and enquiries. Many trustees want to understand the process, the governance and whether it could apply to their own schemes. What this case proves is that it can be done responsibly. We expect more schemes to follow in time, though each will need to make decisions based on their unique circumstances.

Looking ahead, what role could Bitcoin play in pensions?

For defined benefit pension schemes with longer time horizons, Bitcoin can be a diversifying growth asset. For defined contribution pension schemes, it may offer a way to target better member outcomes. It won’t be right for everyone, but the point is, it now belongs on the list of legitimate options. One year on, that in itself is a major shift.