Where L&G sits in the UK pension market
Legal & General is one of the largest asset managers in Europe and runs the default funds behind millions of UK workplace pensions. That scale shows up in two ways for individual savers: its index funds are among the cheapest on any platform, and its ready-made Multi-Index range packages those trackers into one-fund portfolios. If you already have an L&G workplace or personal pension, our Legal & General pension review covers the provider itself – this page is about which of its funds to actually pick.
The main L&G pension funds compared
| Fund | Type | Risk level | Best for |
|---|---|---|---|
| Multi-Index 7 | Multi-asset, equity-heavy | High | Maximum growth in one fund |
| Multi-Index 6 | Multi-asset | Medium-high | Long-horizon savers wanting a little ballast |
| Multi-Index 5 | Multi-asset | Medium | The balanced default choice |
| Multi-Index 4 | Multi-asset | Low-medium | Approaching retirement |
| Multi-Index 3 | Multi-asset, bond-heavy | Low | Cautious savers prioritising stability |
| International Index Trust | Global ex-UK equity tracker | High | Cheap global equity building block |
| Global 100 Index Trust | Mega-cap equity tracker | High | Concentrated bet on the world's largest firms |
| Future World ESG Developed Index | ESG-tilted tracker | High | Sustainability-minded equity exposure |
We quote no return figures on purpose: performance tables date within weeks and past performance does not guarantee future returns. Check the latest factsheet for current data and the exact OCF on your platform, as pricing can vary by share class.
Multi-Index: the one-fund answer
The Multi-Index funds are risk-profiled portfolios numbered 3 (most cautious) to 7 (most adventurous), each blending L&G's own equity and bond trackers with a modest property allocation. They are risk-targeted – managed to stay inside a defined volatility band – rather than holding a fixed equity split, and they carry a UK tilt relative to pure global weights. Charges are competitive with the other big multi-asset ranges; verify the current OCF for your share class before buying. Income versions of 4, 5 and 6 exist for retirees who want natural yield paid out rather than rolled up.
The trackers: building blocks for DIY portfolios
L&G's index fund stable is enormous, but three stand out for pensions. The International Index Trust covers developed-world equities outside the UK at rock-bottom cost – pair it with a UK fund if you want home exposure, or use it alone for a deliberately global tilt. The Global 100 tracks roughly one hundred of the world's biggest multinationals: cheap, but concentrated, so treat it as a satellite rather than a core. The Future World ESG range applies climate and governance tilts for savers who want their pension pointed away from the heaviest emitters.
Who each option suits
- Decades from retiring: Multi-Index 6 or 7, or the International Index Trust for near-100% equities.
- Ten years out: Multi-Index 5 is the natural centre of gravity; 4 if market falls would genuinely change your plans.
- In drawdown: Multi-Index 4 or 5, or an income share class if you want dividends paid out as spending money.
- Values-driven investors: the Future World ESG trackers.
How to hold L&G funds
You can hold these funds three ways: inside an L&G workplace scheme (many self-select menus carry them), through an L&G personal pension, or via a third-party SIPP – most big platforms stock the full range. If you are weighing up moving an old L&G pot to a platform to get wider choice, our guide to transferring a Legal & General pension walks through the process and the checks to make first, especially around valuable guarantees older contracts sometimes carry.
Alternatives worth comparing
The Multi-Index range competes head-on with Vanguard LifeStrategy, HSBC Global Strategy and BlackRock MyMap – see our HSBC pension funds review for the closest comparison. Differences come down to cost, UK tilt and whether you prefer fixed allocations or volatility targeting. None is objectively best; consistency matters more than the label on the tin.
Verdict
For a hands-off pension, Multi-Index 5, 6 or 7 are entirely credible one-fund portfolios backed by one of the biggest index managers in the world. DIY investors get some of the cheapest building blocks on the market. If you are consolidating several old pots or unsure which risk number fits your retirement date, an FCA-regulated adviser can model your exact numbers – and check you would not be giving up guarantees by moving.