Legal & General (L&G) has secured over £1bn of pension scheme liabilities through its L&G Flow solution since launch.

This includes £360m completed during 2025 across 23 transactions, as demand for streamlined de-risking among smaller defined benefit (DB) schemes continues to grow. Transaction sizes this year ranged from £2m to more than £80m, with 62 schemes completing Flow transactions since 2023, securing the benefits of more than 10,000 members. The insurer said Flow is designed to widen access to the pension risk transfer market for smaller schemes, combining price certainty, member care and integration with L&G’s asset management capabilities. Of the deals completed this year, 17 involved clients of L&G Asset Management, allowing unit funds to be novated as premium and reducing market risk and restructuring costs. Company head of origination and execution, institutional retirement, Dominic Moret, said the solution demonstrated L&G’s commitment to supporting schemes of all sizes, helping trustees achieve a “safe and efficient journey all the way to buyout” alongside dedicated post-transaction support.

Railpen has published a new report offering institutional investors practical guidance on embedding systemic stewardship into investment decision-making.

The report argues that risks such as climate change, inequality and governance failures are now financially material for highly diversified asset owners. Produced in collaboration with Sinclair Capital and The Investment Integration Project, the report sets out evidence, regulatory analysis and recommendations for pension funds and asset managers exposed to system-wide risks, with a particular focus on navigating UK, EU and US regulatory frameworks. The research urges investors to move beyond traditional risk management by integrating systemic risks through tools such as scenario analysis, systems mapping and policy engagement, while strengthening organisational capability by aligning stewardship and investment teams and deploying digital and AI tools. Railpen head of investment stewardship and co-head of sustainable ownership, Caroline Escott, said systemic stewardship was “a crucial part of a universal owner’s work to improve financial outcomes for their beneficiaries”, while TIIP chief executive officer, William Burckart, warned that long-term performance could not be delivered if the systems underpinning markets continued to erode.

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Aviva.

TCS's financial conduct authority (FCA)-regulated subsidiary, Diligenta UK, is now set to manage an additional 1.1 million life and pensions policies, bringing the total it administers on behalf of Aviva to more than 6.5 million. The expanded arrangement will see Diligenta provide end-to-end policy administration services, supporting Aviva’s customer experience strategy and alignment with Consumer Duty requirements through increased digitisation, self-service capabilities and simplified technology. Company president of BFSI products and platforms, R Vivekanand, said the move reflected Aviva’s continued trust in TCS and its BaNCS platform, which has already supported the migration of several million policies to a digital core. TCS stressed that the partnership would deliver faster resolution times, improved access to information and better outcomes for policyholders, while reinforcing its position as a key technology partner to the UK life and pensions industry.

Isio has launched a low-cost model portfolio service (MPS) for advisers and wealth managers.

The product aims to bring its institutional investment expertise into the retail market for the first time through a range of seven low-cost portfolios. The service, which has been used internally since April 2025, includes five multi-asset portfolios ranging from cautious to adventurous, alongside equity-focused and income-focused options, with an annual management charge of 0.15 per cent and total costs estimated at 0.3 per cent to 0.45 per cent. Isio said the MPS was designed to address what it sees as an overcrowded market of expensive, overly diversified solutions lacking conviction, with active management used selectively where there is evidence of consistent value add. Company head of portfolio management and research, Ajith Nair, said the launch would allow advisers to access “institutional innovation and quality” at lower fees, while head of distribution for wealth, Mike Hanlon, added that Isio plans to broaden the offering over time, including integrating private markets as its wealth business evolves.

The Nottinghamshire Pension Fund has achieved more than £1m through fee savings.

The milestone comes after the fund reviewed and renegotiated investment management fees, strengthening value for money for scheme members and building on a previously reported £739,000 reduction in costs. The fund said the savings reflect continued scrutiny of investment-related expenditure and active engagement with external managers to secure competitive fee structures without compromising investment quality. Nottinghamshire Pension Fund chairman, Councillor James Gamble, claimed that passing the £1m milestone ahead of Christmas demonstrated “robust fiduciary oversight” and a determination to ensure investment returns are retained within the fund to support its long-term health. Nottinghamshire Pension Fund vice-chairman, Councillor Faz Choudhury, added that the achievement showed what could be delivered through careful review and challenge, with the savings directly strengthening the fund and helping to secure future benefits for members. The fund confirmed it will continue its programme of ongoing fee reviews as part of its wider commitment to transparency, efficiency and responsible long-term investment.

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