Legal & General's (L&G) total defined contribution (DC) assets under management (AUM) have surpassed £200bn, in what is thought to be a first for the pensions industry. 

According to L&G, more than half of the assets under administration (AUA) are across its workplace DC schemes, which surpassed £100bn in June and support 5.7m members.

The group's workplace DC business recorded net flows up 21 per cent to £4bn in the first half of the year, and further increases are expected, with a target of £40-50bn of cumulative net flows by 2028. 

The £200bn milestone, which comes less than a year after the L&G Mastertrust hit £30bn in AUM, was highlighted by the group as a "landmark achievement", as it explained that this level of scale enables continual investment in technology and services designed to help members plan more confidently for retirement. 

This is also in line with the growth agenda that lies behind the government's push for scale and consolidation, with the Pension Schemes Bill set to help deliver on its plans for DC 'megafunds'.

L&G retail CEO, Laura Mason, said: “As the growth of DC accelerates, our scale positions us to deliver long-term value.

"This £200bn milestone reflects the trust placed in us and we’re seizing the opportunity to be a lifetime savings partner; supporting sustainable retirement outcomes and driving positive impact for clients, members, and society. We look forward to building on this commercial momentum and continuing to deliver value for customers.”
 
L&G Asset Management CEO, Eric Adler, added: “Reaching £200bn in DC assets is a landmark achievement that highlights the strength of our investment capabilities and the trust placed in us as responsible custodians of our clients' pension capital.

"By combining scale, innovation and diversified asset management solutions, we are uniquely positioned to help shape better retirement outcomes for millions while supporting the UK’s economic growth.”

This also builds on the recent news that the Aviva Master Trust has passed £15bn in total AUM, supporting over 550 participating employers and safeguarding the retirement savings of more than 500,000 members across the UK.
  
Aviva head of master trust development, Geoff Marchment, said: “Reaching £15bn in assets under management is a significant milestone that reflects the trust employers place in the Aviva Master Trust and our commitment to delivering better outcomes for members.

"Scale matters - especially when harnessed to benefit savers through strong governance, responsible investment, and practical tools that empower confident decision-making.

"With Aviva Guided Retirement now live and our career break feature helping members plan for life’s transitions, we’re making it easier for people to prepare for and navigate retirement with clarity and confidence.”
 
Adding to this, Aviva Master Trust chair, Dr. Chris Noon, said: “This significant milestone is testament to the strength and scale of the Aviva Master Trust. It reflects the confidence our employers and members place in us and offers even greater opportunities to deliver meaningful value at scale. 

"Our focus remains firmly on helping members achieve better outcomes - through innovation, strong governance, and a retirement journey that truly works for them. We’re excited to build on this momentum and continue shaping a future where every saver in the trust feels supported and empowered.”
 

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