Legal & General welcomes British business bank's report
25 Sep 2019
Legal & General welcomes the findings of today’s report from the British Business Bank, The Future of Defined Contribution Pensions, which concludes that Defined Contribution (DC) savers are missing out on potentially higher returns due to their inability to invest in the Venture Capital and Growth Equity asset class.
As the UK’s largest DC pension manager, with £85 billion assets under management, Legal & General is committed to improving outcomes for DC pension savers at every stage on their retirement journey. Research from the British Business Bank has found that a small allocation to Venture Capital and Growth Equity could have a material impact on an individual’s total retirement savings over the long term. However, UK DC pension savers have historically been excluded from Venture Capital and Growth Equity due to fund structure, liquidity and fee constraints. Legal & General therefore supports this key initiative, which lays important foundations for democratising access to the asset class for DC savers.
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We welcome the findings of today’s report and look forward to rising to the challenge laid down by the British Business Bank by delivering a viable solution for DC clients which democratises access to this important asset class. The goals of this initiative are well-aligned with Legal & General’s commitment towards Inclusive Capitalism, as we aim to share the benefits of the Innovation Economy with retirement savers in the UK.
Nigel Wilson, CEO of Legal & General