UK - Retail giant Next Group look set to drop Legal & General Investment Management as the fund manager to its £2m DC scheme.
The company set up its defined contribution scheme in 2000 with LGIM – which offers scheme members a single lifestyle fund – its only fund manager.
But the scheme has decided it wants to offer its members more fund choices and it is reviewing rival fund managers – including Threadneedle Investments – to either work alongside or replace LGIM.
Next is looking at both bundled and unbundled products, and expects to make a decision before its trustees’ meeting in September.
Next pension scheme manager John Stevenson explained: “At the moment, members have just the one choice, which is L&G lifestyle. We want to offer something else – or instead of – as well. We’re open to both options.
“We could keep L&G and add to it or else we’ll say ‘fine, that’s it, we’ll go with someone else’. But no decision has been taken yet, it is still early days.”
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