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The Department for Work and Pensions’ (DWP) decision to back proposals to expand auto-enrolment (AE) marks a ‘landmark day’ and is ‘fantastic news’ for pensions, the industry says.
The Legal & General (L&G) Master Trust’s assets under management (AUM) have exceeded £20bn, becoming the first commercial master trust to do so.
Legal & General (L&G) has appointed former NatWest Group Pension Fund chief executive and chief investment officer Robert Waugh to its master trust as trustee chair.
Chief executive Stuart Murphy said funding for the next financial year represents a 9 cut.
The company says an extra £11.5m funding still leaves "a huge amount of uncertainty" over its future.