Legal & General’s (L&G) master trust has reached £30bn (€35.5bn) in assets under management (AUM), making it the first commercial master trust in the UK to reach the milestone.

Established in 2012 following the introduction of automatic enrolment in the UK, the L&G master trust now has 349 participating employers and looks after the retirement of 1.9 million savers.

The announcement comes less than two years after the master trust hit £20bn in AUM.

L&G said this growth comes against the backdrop of widespread government and regulatory interest in delivering UK pension vehicles that can invest at scale across public and private markets to boost member outcomes.

The L&G master trust has continued to evolve under the leadership of Robert Waugh since his appointment as the chair of trustees in 2023, with key highlights including:

  • development of new investment options for members, including last year’s launch of the Lifetime Advantage Funds which include the L&G Private Markets Access Fund, as well as L&G’s Sharia DC investment proposition;
  • in November 2024, L&G and the master trust trustees published a new Sustainability Report, expanding the scope of the board’s Task Force on Climate-Related Financial Disclosures (TCFD) reporting requirements to incorporate disclosures on nature and people;
  • anew L&G App and Digital Guidance Journey for all DC members, providing instant insights into their long-term financial outlook and the tools needed to guide them through their retirement journey;
  • market-leading employer and member engagement initiatives, including the Mastertrust Employer Group (MEG) and Annual Member Forum, which over the past four years, has had over 30,000 members joining live to understand more about their pension.

Waugh said: “Size is not our objective, but having the economies of scale to deliver what our members need in investment opportunities, sustainable priorities and technical innovation whilst delivering value for money can only be achieved with significant assets.

“Having the largest commercial master trust enables the trustees and L&G to strive to lead the market in value for money and member outcomes.”

Rita Butler-Jones, head of defined contribution at L&G, added that the size of the master trusts enables it to deliver economies of scale and a wide range of investment opportunities, underpinned by the robust governance and oversight offered by the board of trustees.

She said: “The L&G DC team are delighted to have reached this milestone and look forward to continuing to work with the trustees, our participating employers and their members as the master trust grows at pace in the years ahead.”

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