Legal and General Mastertrust has launched a multi-asset environmental, social and governance fund as a default option.

According to the firm, it is the first master trust to offer an ESG fund as a default option, it will also be made available for Legal and General’s contract-based schemes. The L&G Future World Multi-Asset Fund will aim to provide long-term investment growth through exposure to a diversified range of assets. The fund incorporates Legal and General Investment Management’s (LGIM) Climate Impact Pledge, focused on speeding up companies progress when it comes to progressing to a low carbon economy.

Retired UK homeowners aged between 64-75 currently owe around £11,400 on their mortgage, a new index has revealed.

The Tax Incentivised Savings Association (TISA) and KPMG Savings Index found that the “typical” UK homeowner is still paying off their mortgage past the age of 75, with average debts of £3,200. The index, which provides a snapshot of total savings held by British households on a six-monthly basis, also found that the way the people are paying their debts off is changing. Despite 55-64 year old homeowners owing £36,500 in mortgage payments, less than 40 per cent of their total undrawn pensions is made up of defined benefits.

Trustee and governance service provider PTL has been appointed by AllianceBernstein to provide its transaction cost assessment service.

The service, Clear Funds, was created to assist asset managers in supporting their clients assess the value of transaction costs incurred by their funds. It is the only service of its type, according to the firm. AllianceBernstein’s decision was driven by trustee and regulatory requirements, enabling them to make an informed value assessment in their chairs statement.

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