- 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.”
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.”
The value of investments may go down as well as up, and investors may get back less than they invest.
- The value of investments may go down as well as up, and investors may get back less than they invest.
- UBC AUM and member data as at 30 September 2025.
- Aegon LifePath AUM and member data as at 30 September 2025.
- More information on the Sterling 20 can be found here.
- More information on the Mansion House Compact can be found here.
References
- Aegon LifePath is available via Aegon Master Trust and TargetPlan fund ranges. Aegon LifePath funds are target-dated strategies, meaning the asset allocation gradually changes as members get nearer to their target retirement age. More information on Aegon LifePath funds can be found here.
- Long-Term Asset Funds (LTAFs) are a new type of regulated fund, designed to invest in long-term, illiquid assets such as private equity, private credit, real estate or infrastructure.
- Changes to the Universal Balanced Collection were announced in June 2024. More information on the fund. The UBC is available to workplace members via the Aegon Retirement Choices (ARC) fund range.
About Aegon
In the UK, Aegon offers pension and investment solutions to over 3.5 million customers, supported by over 3,000 employees. Figures are correct as of 31/12/2024. Learn more at aegon.co.uk/about-us.
Aegon UK is currently part of the wider Aegon Group, an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection and retirement solutions. Aegon’s portfolio of businesses includes fully-owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market-leading Dutch insurance and pensions company.
Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is currently headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com/about.
The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.