The master trust is the first commercial vehicle to have reached this size, as the government pushes for DC scheme consolidation.
The defined contribution (DC) pension scheme has 349 employers and 1.9 million members.
It joins fellow master trusts People’s Pension, which hit the £30bn mark in October last year, and Nest, which had more than £40bn in assets under management at 31 March 2024, according to its latest annual report.
L&G said its master trust’s assets had grown by £10bn in two years, demonstrating its ability to scale up amid the government’s drive for larger DC pension schemes.
The company also highlighted new investment options, introduced last year, and its work on sustainability and digital services.
Robert Waugh, chair of trustees for the L&G Mastertrust, said: “Size is not our objective, but having the economies of scale to deliver what our members need in investment opportunities, sustainable priorities and technical innovation whilst delivering value for money can only be achieved with significant assets.
“Having the largest commercial Mastertrust enables the trustees and L&G to strive to lead the market in value for money and member outcomes.”
Rita Butler-Jones, Head of Defined Contribution at Legal & General, said: “The size of the L&G Mastertrust enables us to deliver economies of scale and a wide range of investment opportunities, underpinned by the robust governance and oversight offered by the board of trustees.”
