Fund update Aegon LifePath evolves portfolio with private markets expansion

• Aegon UK, a member of the Sterling 20 and founding signatory of the 2023 Mansion House Compact, unveils plans to expand access to private markets for 375,000 Aegon LifePath pension savers.
• Following the successful integration of private markets to 700,000 members of the Universal Balanced Collection (UBC), announced last year, Aegon UK is now poised to offer over 1 million pension savers access to a wider range of diverse asset classes.
• These enhancements signify a crucial milestone in the journey to align the £14 billion UBC and £12 billion Aegon LifePath portfolios under a common investment strategy, providing pension savers value for money.

Aegon UK is set to further extend its pioneering private market approach into its second-largest workplace default fund, the £12 billion Aegon LifePath¹ strategy, serving more than 375,000 pension savers.

From summer 2026, Aegon LifePath will invest across a broader range of asset classes, including diversified global private markets, protected equities and multi-asset credit. The private market investments will be accessed through three Long-Term Asset Funds (LTAFs), managed by specially selected fund managers – Aegon Asset Management, BlackRock and J.P. Morgan Asset Management, targeting a 20% allocation in the growth stage and an 8% allocation at retirement.²

These improvements build on the successful, ongoing integration of private markets within Aegon UK’s largest workplace default fund, the £14 billion Universal Balanced Collection.³ They mark a further milestone in Aegon UK’s roadmap to align the Universal Balanced Collection and Aegon LifePath workplace default strategies.

Lorna Blyth, Managing Director - Investment Proposition at Aegon UK comments: “Back in 2024, we created the blueprint for integrating private markets into existing workplace default funds. We are now taking the next step towards offering improved long-term growth potential and portfolio resilience for pension savers, while further aligning our £14 billion Universal Balanced Collection and £12 billion Aegon LifePath strategies.

“These innovative enhancements, combined with our proven ability to deliver the necessary breadth and pace required, position us as industry leaders in providing DC pension savers access to investments that have previously been out of reach. Aegon is committed to ensuring consistency, scale, and resilience across our default investment options.”

Graeme Griffiths, Trustee and Chair of the Aegon Master Trust Investment Committee, said: “As the retirement landscape continues to evolve, our collaboration with Aegon UK has resulted in the creation of Aegon LifePath, a default fund that is both robust and adaptable. We believe the further changes to the fund - to include private market investments - offer the potential to deliver strong growth to our members over their working lives and beyond and to provide improved resilience during volatile markets.

“The planned changes to our default fund mean every member invested in Aegon LifePath can benefit further from a strategy that has been carefully designed to meet their future needs. By working closely together with Aegon UK, we believe we have created opportunities that truly address the requirements of our diverse set of members.”

Fund AUM and member data as at 30 September 2025.

The value of investments may go down as well as up, and investors may get back less than they invest.