Article Pensions Perspectives: The Future of UK DC with Maiyuresh Rajah, Director of Investments, Aviva

Mary Cahani
• Head of UK DC Distribution
15 May 2026

Key takeaways

  • We believe private markets aren’t in a bubble.:

    Their share of global assets is similar to 2010 and 2015, and recent stress seems to reflect normal credit cycles, not systemic risk.

  • Understanding private credit structures is essential for evergreen funds. :

    Business Development Companies (BDCs) and other vehicles evolve, each with different liquidity profiles and investor considerations.

  • Manager selection is critical. :

    Private credit performance can vary significantly across managers, highlighting the potential importance of underwriting quality and strategy discipline in shaping outcomes.

In this discussion, recorded in March 2026, Maiyuresh Rajah, Director of Investments at Aviva, explores how regulatory change and market evolution are reshaping the UK Defined Contribution (DC) landscape.

Drawing on his experience at Aviva, one of the biggest defined contribution (DC) workplace pension providers in the UK with over 4.8 million members, the conversation covers:

  • How regulatory developments, including consolidation and the emerging value‑for‑money framework, are shifting the focus from cost alone to a broader assessment of outcomes, performance and service quality.
  • Why increased scale is enabling DC schemes to access a wider range of asset classes, including private markets, and how this is influencing the design of default strategies.
  • Practical insights into how private markets can be incorporated into DC defaults, balancing growth, diversification and liquidity across the glidepath.
  • The growing importance of collaboration with specialist managers not only for asset allocation, but through ongoing dialogue, shared insight and innovation.
  • How partnership models can support schemes as they respond to regulatory change, member behaviour and evolving retirement needs, with the aim of delivering improved long‑term outcomes.

Related insights

  • Investment risks

    The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.

    Important information

    Data as at 31 March 2026.

    This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

    Views and opinions are based on current market conditions and are subject to change.

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