Significant work will be required over the next two years to implement the changes outlined in the Pension Schemes Bill and the regulatory changes committed to in the Mansion House Accord, Legal & General (L&G) has said.

L&G's half-year results suggested that both the Pension Schemes Bill and changes under the Mansion House Accord could have “significant repercussions” for its business model across both defined benefit (DB) and defined contribution (DC) books.

"Whilst the implementation roadmap runs to 2030 there is significant work required in the next two years to ensure we able to appropriately implement the changes whilst navigating the evolving regulatory environment," the group stated.

The comments were made as part of the broader risk and uncertainties reporting in L&G's half-year report, which clarified that, despite the work needed, the group remains “well positioned” to navigate shifts in the landscape.

The group also welcomed broader market changes and innovation, such as the proposed introduction of DB superfund consolidation schemes, although it emphasised the need to ensure that member benefit security remains "paramount".

However, the group said that it is also expecting to see the emergence of alternative de-risking solutions that may target similar segments to superfunds, such as for DB schemes with funding levels near 90 per cent.

The report also confirmed that L&G remains "actively engaged" with the UK government on the proposed reforms outlined in the Pensions Investment Review and other related initiatives.

In addition to this, it said that the upcoming pension dashboards initiative is a “significant and positive advancement”, and having completed integration testing itself, the group said it is "well positioned" to connect and contribute.

The report also provided an update on L&G's performance during the first half of the year, revealing that the group remains on track to meet its target of £40bn-50bn net flows between 2024 and 2028, after its workplace DC net flows increased by 21 per cent to £4bn in the first half of 2025, up from £3.3bn in the same period last year.

The group credited this increase to higher member contributions and new scheme wins.

In addition to this, on the pension risk transfer (PRT) side, L&G wrote £5.2bn of new business globally in H1 2025.

The group is also actively pricing or has visibility of £42bn in new UK deals expected over the next 12 months, including nine deals exceeding £1bn.

By the end of June 2025, L&G’s workplace assets under administration, which include both workplace and retail savings, totalled £101bn, up from £87.6bn at June 2024 and £93.7bn at the end of 2024.

For the full year, L&G said it expects “strong volumes”, with good profitability, and low new business strain.

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