Key Takeaways
- • Legal & General (L&G) has become the DC Mastertrust provider for the Royal Mail Defined Contribution Plan (RMDCP), with close to 100,000 deferred DC pension members and £2.45 billion in assets under management transferred into the L&G Mastertrust.
- • The transfer is described by L&G as the largest completed transition into a UK DC Mastertrust to date.
- • The Plan Trustees selected L&G on the basis of member experience and administration, investment proposition, value for money, and capability to deliver a transition of this scale.
- • L&G's Lifetime Advantage Funds (LAF) will serve as the Plan's default investment strategy, with a target allocation of 15% to private market investments during the growth phase.
- • L&G reports £54.3bn in assets under administration in its Mastertrust (figures as of 30 September 2026) and says LAF reached £30 billion in AUM earlier in 2026.
Summary
Legal & General has been appointed Defined Contribution (DC) Mastertrust provider for the Royal Mail Defined Contribution Plan (RMDCP), according to a company announcement. Close to 100,000 deferred DC pension scheme members and £2.45 billion in assets under management have been transferred into the L&G Mastertrust. L&G describes the transfer as the largest completed transition into a UK DC Mastertrust to date.
The Plan Trustees selected L&G for its leading member experience and administration offering, investment proposition, value for money, and its ability to deliver large-scale scheme transitions. L&G said it will combine operational expertise, member engagement and governance capabilities to support members in meeting their retirement needs. The company characterised the appointment as building on the continued growth and scale of its DC & Workplace Savings business.
L&G said it currently supports 6 million pension scheme members and has £54.3bn in assets under administration in its Mastertrust, figures it dated to 30 September 2026. It has secured more than 140 workplace pension schemes since 2020.
L&G's Lifetime Advantage Funds (LAF) will be the Plan's default investment strategy. LAF includes a target allocation of 15% to private market investments during the growth phase, combining public and private market exposure with a focus on long-term member outcomes. L&G said LAF reached £30 billion in assets under management earlier this year, which it attributed to strong client demand for default strategies that blend public and private markets.
Members will gain access to L&G's app, digital guidance and retirement planning tools, including the Guided Retirement Planner, which identifies potential retirement shortfalls and prompts members to take action.
The Plan Trustees selected L&G for its leading member experience and administration offering, investment proposition, value for money, and its ability to deliver large-scale scheme transitions. L&G said it will combine operational expertise, member engagement and governance capabilities to support members in meeting their retirement needs. The company characterised the appointment as building on the continued growth and scale of its DC & Workplace Savings business.
L&G said it currently supports 6 million pension scheme members and has £54.3bn in assets under administration in its Mastertrust, figures it dated to 30 September 2026. It has secured more than 140 workplace pension schemes since 2020.
L&G's Lifetime Advantage Funds (LAF) will be the Plan's default investment strategy. LAF includes a target allocation of 15% to private market investments during the growth phase, combining public and private market exposure with a focus on long-term member outcomes. L&G said LAF reached £30 billion in assets under management earlier this year, which it attributed to strong client demand for default strategies that blend public and private markets.
Members will gain access to L&G's app, digital guidance and retirement planning tools, including the Guided Retirement Planner, which identifies potential retirement shortfalls and prompts members to take action.
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