Seeing our investments in action
As Chair of the Investment and Pensions Committee at Devon County Council, I was delighted to visit Northam recently to see first-hand how the Devon Pension Fund is making a real difference in our communities.
I toured a development site where 82 affordable homes are currently under construction across Northam and Bideford in North Devon. Accompanied by the Vice-Chair of the Council and two local councillors, I met with the team delivering this project and viewed the properties taking shape.
How pension investments support local housing
The Devon Pension Fund invests in the Octopus Affordable Housing Fund, which has forward-funded this development in partnership with housebuilder Vistry. The scheme converts what would have been private-sale homes into social rent, affordable rent, and shared ownership properties – providing 238 bedspaces for local people who need them.
This is a great example of how pension fund investments can deliver on two fronts: generating secure, index-linked returns for our pension fund members while also directing patient capital into regional social housing that benefits Devon communities.
Sustainable homes for the future
What impressed me most about the development was the commitment to sustainability. All 82 properties will be:
Fossil-fuel-free, fitted with air source heat pumps
Designed to achieve EPC Band B energy efficiency ratingsThis means lower energy bills for residents and a reduced carbon footprint – exactly the kind of forward-thinking development we need to see more of.
Project timeline
The first homes are expected to complete in spring 2026, with final properties ready by summer 2027. Once complete, the homes will be managed by NewArch Homes, an Octopus-owned registered provider.
Why this matters
The housing crisis affects communities right across Devon. As a county councillor, I see the impact of unaffordable housing on families and individuals every day. As Chair of the Investment and Pensions Committee, I’m proud that the Devon Pension Fund is playing its part – not just in securing retirement income for our members, but in channelling investment into projects that deliver real social value. What’s more the construction is creating jobs and supporting local tradespeople.
Visiting the site at Northam reinforced my belief that responsible investment can benefit both pension fund members and the wider community. I look forward to seeing these homes completed and families moving in.