L&G Continue to Invest in Social Housing Projects

Legal & General Retirement Institutional (“LGRI”) recently announced its plans to invest a further £2 billion of retirement funds into affordable housing over the next five years, helping to create more than 10,000 new homes nationwide and working towards levelling up the UK through Legal & General’s purpose of inclusive capitalism. The move might make a profit for the pension funds, thus enabling payouts in the future, plus it has the advantage of acquiring fixed assets like land and buildings, rather than company stocks or government bonds.

The investment, through Legal & General’s wholly owned subsidiary, Legal & General Affordable Homes (“LGAH”), will help to tackle the huge shortage of affordable housing that currently exists – 1.2 million households are currently on social housing waiting lists in England. The funding will be used to support further growing demand for homes both for social and affordable rent as well as providing a subsidised route to ownership through shared ownership.

The National Housing Federation and charity Crisis estimate that 145,000 new affordable homes need to be built every year to meet demand whilst barely a third of that figure, c.45,000 homes, were delivered in 2020/21.

Legal & General and the UCL Institute of Health Equity recently launched The Business of Health Equity: The Marmot Review for Industry, that outlines the vital importance of quality housing and infrastructure on health and wellbeing, thereby significantly improving economic growth.

Andrew Kail, Chief Executive Officer, Legal & General Retirement Institutional (LGRI)

“The UK has a huge shortage of affordable homes. Today’s announcement demonstrates how Legal & General Retirement Institutional, by putting inclusive capitalism at the centre of its investment focus, will help to address some of this problem.

 “Legal & General is committed to building a better society for all by investing in useful and sustainable assets that will benefit both today’s society and future generations, whilst investing hard earned pension savings and securing the pensions of thousands of scheme members.”

About alastair walker 10175 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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