The sale is the chief executive’s latest move to slim down the group since joining last year from Spanish bank Santander. L&G sold its UK housebuilder Cala in a £1.4bn deal last year. Simões said on ...

The lost value each year amounts to at least $16bn — one per cent of annual investment gains or about $200 per retiree — the research found. Pension funds are aware of the problem but have been slow ...