Legal & General (L&G) forecasts its annual retail annuities volumes will more than double to £20bn by 2034 as responsibility for retirement continues to shift from employers to individuals.
In a ‘retail deep dive' presentation today (23 October), the business also said its workplace defined contribution (DC) assets would likely double to £1.5trn by 2034. Retail CEO Laura Mason also revealed the business would launch a "blended annuity drawdown product" next year to meet "growing demand for more innovative default retirement solutions". The provider said it had set two near-term targets for its retail arm: To achieve £40-50bn of workplace DC net flows (2024-28). Workplace DC flows compound with regular contributions and offer a scaled, low-cost way of acquiring asse...
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