Collective Defined Contribution (CDC) schemes are being described as the
next evolution in pensions, yet innovation often comes with challenges.
John Southall, Head of Strategic Research within our Asset Allocation team,
offers his perspective on some key issues, including:

 · Who stands to gain and who carries the risk
 · Key advantages and drawbacks of CDC
 · How to think about intergenerational unfairness
 · Unique challenges of retirement-only CDC

This podcast was recorded on February 10, 2026 and is hosted by Sarka
Halas, content manager.

For professional investors only. Capital at risk. Views expressed are of L&G
as at February 2026.