As Master Trusts scale up, the rules of the game are rapidly evolving. James Lawrence, Director of Investment Proposition at Smart Pension, lifts the lid on how asset inflows, M&A, and private markets are reshaping the landscape. 

He discusses why ‘scale’ now means more than just reaching £25bn AUM, and how Smart Pension’s investments are targeting UK scale-ups, net zero ambitions, and novel solutions for the tricky decumulation middle ground.