Mark Fawcett, chief executive of Nest Invest, has been awarded the Order of the British Empire (OBE) and Government Actuary Martin Clarke has been appointed as Commander of the Order of the Bath (CB) as part of the King's Birthday Honours.
Fawcett said he was "both surprised and delighted" to receive the honour for services to pensions saving, going on to acknowledge the work of others at Nest.
He said: "I see this award as recognition for the ground-breaking and innovative work everyone at Nest has done over the years to improve retirement outcomes for our 12 million members.
"I've been involved in investments for over 35 years, but my work leading Nest's investment is the first time I feel I've been making a valuable contribution to society. We're helping give UK workers access to investments previously out of reach to them, disrupting the pension saving industry so it's not just focused on the wealthiest individuals."
Fawcett added: "These are exciting times for Nest. We've created a sophisticated investment portfolio which includes financing new infrastructure projects, including solar and wind farms, and we'll be investing in fast growing technology and biotech companies not just here in the UK but around the world."
Fawcett joined Nest as chief investment officer in 2008 to design and shape the master trust's investment strategy. He has overseen the growth of Nest's asset under management from £19 - the first contribution made 11 years ago - to more than £30bn today.
Martin Clarke has been the Government Actuary and head of the actuarial profession in government since 2014.
As principal actuarial adviser to the government, he undertakes a number of statutory duties. These include in connection with public service pensions, the National Insurance Fund, reviews of the state pension age and the personal injury discount rate.
He has also led the Government Actuary's Department (GAD) through a notable period of modernisation, growth and diversification that also included the challenges of the Covid-19 pandemic.
GAD now provides actuarial analysis, advice and associated services to government and public bodies on an increasingly broad range of matters including pensions, insurance, investment and risk.
Clarke grew up in Salford and attended Canon Slade Grammar School in Bolton prior to reading Mathematics at Jesus College, Cambridge. He gained the fellowship of the actuarial profession in 1982 and had an extensive actuarial and general management career within the retail financial services industry, before joining the Pension Protection Fund in 2006.
His subsequent appointment as Government Actuary made him only the ninth holder of this post which dates back over 100 years.
Speaking of his award, Clarke said "It has been the most fulfilling experience to be able to use my professional skills and business experience in the public service. My time as Government Actuary has been marked by extraordinary economic, financial and health stresses for the country, posing unique challenges that colleagues at GAD have risen to with flair and determination.
"I totally admire them for what they do and regard this award in part as recognition for the role that we as actuaries and professionals can continue to play in public life."
Clarke is due to retire as Government Actuary later in the year.