Aegon UK has surpassed £1bn in long-term asset funds (LTAFs) within its largest workplace default fund.

Aegon UK has also become the first defined contribution (DC) provider to integrate three LTAFs into a workplace default. The £1bn milestone expands private market access for more than 700,000 members, giving savers exposure to assets including renewable energy, sustainable infrastructure, private equity, private credit, and forestry. The move supports Aegon UK’s commitment under the Mansion House Accord to allocate at least 10 per cent of default fund assets to private markets by 2030, with plans to lift the Universal Balanced Collection (UBC)’s combined LTAF allocation to 17 per cent by 2028. Aegon managing director of investment proposition, Lorna Blyth, said the development is “a defining moment for our business and for the future of long-term investing”, adding: “We’ve turned ambition into action by unlocking private markets for more than 700,000 members and setting an entirely new benchmark for innovation, sustainability and value in workplace pensions. As we look ahead, deploying LTAFs into our master trust default will help us comfortably pass the £25bn threshold for our DC schemes.”

LGPS Central has created a new client advisory function to enhance partner fund support.

The new function forms part of its Fit for the Future programme, bringing together relationship management, strategic advisory work and client portfolio oversight to strengthen its service to partner funds. The team is led by Trevor Castledine, who has been appointed chief client and advisory officer, and includes newly recruited partner fund client directors Louis-Paul Hill (formerly Aon), Russell Oades and Richard Lunt (both formerly Hymans Robertson). The function also includes an expanded client services team led by Cara Forest, as well as a new client portfolio management presence led by Mark Jessop, who joined internally from investment operations. Additional advisory managers and a further portfolio manager will join in the coming months. The new structure aims to enhance strategic asset allocation advice, support delegated implementation of portfolios and deepen client engagement and reporting. Castledine said the change “marks a significant step forward in how we serve our partner funds”, stating: “By integrating our advisory, relationship and portfolio expertise, we can deliver deeper insight, closer alignment and a far more strategic partnership model. This is central to our ambition to deliver high-quality, value-for-money services under Fit for the Future.”

Local Pensions Partnership Investments (LPPI) has exceeded £250m in cost savings as annual efficiencies rise again.

This surpasses the fund’s initial £200m target by 25 per cent ahead of the March 2025 deadline. Its annual net savings also rose again to £49.2m in the year to 31 March 2025, up from £48.5m the year before, marking nine consecutive years of increased efficiencies for its local government pension scheme (LGPS) partner funds. LPPI said the savings have been driven by co-investment activity, in-house management and the greater negotiating power that comes from scale, particularly across private markets. Meanwhile, its assets under management are set to increase to an estimated £55bn as six additional LGPS funds - Devon, Avon, Dorset, Somerset, Cornwall and the Environment Agency - join the pool. LPPI chief executive, Chris Rule, said the milestone showcases “the success of our pooling model and the strength of our whole scheme management approach”, adding that “by partnering closely with clients and managing all their assets, we’ve been able to realise the benefits of scale from day one."

WEALTH at work has launched a new digital pension consolidation service to tackle rising lost pots.

The platform allows employees to input details of old pensions, view transfer timelines and assess values in one place, offering investment options ranging from target-date funds to curated diversified portfolios. With 3.3 million lost pensions worth £31.1bn and 13 million small pots under £1,000 increasing by nearly one million a year, WEALTH at work said the new service is designed to simplify pension management and help reduce charges by consolidating deferred pots. The service is free for employers to implement and includes digital education materials and support from the firm’s in-house Investment Management team. Director Jonathan Watts-Lay commented: “Financial well-being is becoming a critical pillar of workforce support, and the scale of lost and small pots makes it harder than ever for employees to stay on top of their retirement savings. This new service provides a simple, accessible way for people to bring their pensions together, reduce unnecessary fees and have a clearer, more powerful view of their long-term savings. Combined with our advised services for more complex needs, it represents a major step forward in reducing pension fragmentation and improving retirement outcomes.”

The Pensions Management Institute (PMI) Group has launched Factito as a new PMI-approved centre.

The new centre aims to help pension professionals access modern, flexible training and gain PMI qualifications in response to a rising need for digitally delivered learning across the sector. Factito will operate as a standalone entity within the PMI Group in compliance with Ofqual requirements, offering expert-led courses, structured learning and digital materials that support professionals at all career stages. The centre joins PMI’s existing network of approved training centres and exam partners and is designed to help build a “future-ready pensions workforce” capable of meeting evolving regulatory expectations and higher standards of trusteeship. PMI chief executive, Gareth Tancred, commented: “We are delighted to introduce Factito to meet the sector’s growing demand for high-quality, flexible learning. By aligning with Ofqual regulations and delivering modern digital training solutions, Factito will play a key role in developing the next generation of pension professionals and strengthening standards across the industry.”

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