L&G Mastertrust has reached £30bn in assets under management (AUM), becoming the first commercial master trust in the UK to reach the milestone.
The scheme has 349 participating employers and manages the retirement savings of 1.9 million people.
Launched in 2012 following the introduction of auto-enrolment, it has grown to be one of the dominant schemes in the pension sector.
The announcement today (21 January) comes less than two years after the L&G Mastertrust hit £20bn in AUM, highlighting its continued commitment to clients and the master trust sector.
L&G Mastertrust said the growth has come against the backdrop of government and regulatory interest in UK pension investment.
The authorities want UK pensions vehicles to invest at scale across public and private markets to boost member outcomes.
The scheme also said it continued to evolve under the leadership of Robert Waugh since his appointment as the chair of trustees in 2023.
Under his leadership, the scheme has developed new investment options for members, including the launch of Lifetime Advantage funds and L&G’s Shariah DC investment proposition.
In November 2024, L&G and the trustees published a new sustainability report expanding the scope of the board’s TCFD reporting requirements to incorporate disclosures on nature and people.
Commenting on today’s milestone, Waugh said: “I am delighted that the confidence of our employers and members has enabled the Mastertrust to reach £30bn in assets under management.
“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 while delivering value for money can only be achieved with significant assets.
“Having the largest commercial Mastertrust enables the Trustees and Legal & General to strive to lead the market in value for money and member outcomes.”
Rita Butler-Jones, head of defined contribution at Legal & General, added: “The size of the L&G Mastertrust enables us 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.”
L&G is the largest DC pension provider in the UK with £176bn in total DC AUM and 5.4 million members.
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