Aegon LifePath to add private markets to £12bn workplace pension fund

Aegon UK is expanding its private market approach into the £12bn Aegon LifePath strategy, which covers more than 375,000 pension savers. 

From summer 2026, Aegon LifePath will invest in a wider range of asset classes including global private markets, protected equities and multi-asset credit. 

Private market investments will be accessed through three long-term asset funds managed by Aegon Asset Management, BlackRock and J.P. Morgan Asset Management. 

The plan is to target a 20% allocation in the growth stage and an 8% allocation at retirement.

This move follows the ongoing integration of private markets within Aegon UK’s largest workplace default fund, the £14bn Universal Balanced Collection. 

The changes aim to further align the Universal Balanced Collection and Aegon LifePath default strategies.

Lorna Blyth, managing director – investment proposition at Aegon UK, said: “Back in 2024, we created the blueprint for integrating private markets into existing workplace default funds. 

“We are now taking the next step towards offering improved long-term growth potential and portfolio resilience for pension savers, while further aligning our £14 billion Universal Balanced Collection and £12 billion Aegon LifePath strategies.