Frequently asked questions about pensions.

These are questions our pension customers often ask. If you have any other questions, then please contact us or speak to your adviser. If you don't have an adviser, you can visit www.unbiased.co.uk to find one near you.

How can I find out the current value or transfer value of my pension fund?

For some of our pensions, you can see the current value and transfer value online by registering to use My Accounts.

If you have a pension provided by your employer, you may need to contact them to receive the current value and transfer value.

For more information about your pension fund you can call us.

Can I change my contributions?

Yes, your pension normally allows you to start, stop, increase or decrease your contributions at any time (subject to minimum levels). You may also be able to increase your contributions automatically each year.

If you have a pension provided by your employer, you may need to contact them to change regular contributions.

To make changes, or to find out more, please call our customer services team. If you prefer, you can write and let us know what you want to do using the address on the contact us page.

We recommend you speak to your adviser if you’d like to make any changes to your contributions.

Can my employer make contributions?

Your employer may be able to make contributions to your plan. For more information you can call us.

To set this up, your employer will need to complete the Corporate money laundering form and the relevant Employer’s contribution authority form and return them to us:

Can I make one off payments?

Yes, subject to a minimum amount, you can normally make one off payments at any time. We recommend you speak to your adviser if you’d like to do this.

If you’re a member of a pension provided by your employer, you may need to contact them to make one off contributions.

You can view a list of the funds available by looking in one of the following brochures:

If your pension isn’t listed in either of these brochures, please call us.

If you choose more than one fund, please tell us how you’d like the investment split, either as a percentage or as a monetary amount. Please make your cheque payable to Legal & General and send it, together with your plan number, to the address on our contact us page.

If there are five years or less to your selected retirement date you can't make any single contributions into with profits.

If you're a Cofunds customer please make your cheque payable to Cofunds Limited and send it, together with your plan number to:

Cofunds Limited
PO Box 1103
Chelmsford
CM99 2XY

Can I transfer the value of my other pensions into my Legal & General pension?

Yes, subject to a minimum, you can normally transfer the value of the pension plans you hold with other providers. If you’d like to do this you should seek financial advice. If you’re taking income drawdown from the plan you want to transfer, you'll need to check that your Legal & General plan allows income drawdown.

Can I transfer to another pension provider?

You can transfer the value of your pension plan to another Registered Pension Scheme at any time. If you’re considering transferring, you should seek financial advice.

If you’re taking income drawdown, you must continue to do so under the new scheme.

If you’re invested in with profits and transfer to another pension plan, either with us or another provider, there are some important things to consider:

  • We may reduce the value of your investment by a market value reduction (PDF).
  • Some of our pension plans have a guaranteed minimum amount by which they’ll grow each year. The amount depends on when we received contributions. If you transfer to another pension plan you’ll lose this guaranteed growth amount. You can see if this applies to your pension by checking your yearly bonus statement.
  • There may be other things you should consider before transferring. For more information, please look at the valuable features of your pension.
Can I change the fund(s) my pension is invested in?

Yes, you can normally move between funds at any time. Your adviser will be able to help you with your investment choices.

If you have a pension provided by your employer, you may need to contact them to change the fund(s) you’re invested in.

Changing the funds you’re invested in is easy. You can move funds in My Accounts or you can download a switch form. You can use this to tell us which funds you want to move out of and which funds you want to move in to. If you’re paying regular contributions you can also choose to redirect any future contributions to a different investment fund or funds.

Depending on the type of pension plan you have, there may be a charge for switching between funds. You can find out if there’s a charge by looking in your Member's Booklet or Member's Policy Booklet.

When we’ve made your requested changes, you’ll get a letter to confirm it’s been done.

You can view a list of the funds available by looking in one of the following brochures:

If your pension isn’t listed in either of these brochures, please call us.

For customers in a plan that can invest in with profits, please note the following:

  • If you’re switching out of with profits before your selected retirement date, we may reduce the value of your investment by a market value reduction (PDF).
  • Some of our pension plans have a guaranteed minimum amount by which they’ll grow each year. The amount depends on when we received contributions. If you switch out of with profits you’ll lose this guaranteed growth amount. You can see if this applies to your pension by checking your yearly bonus statement.
  • You may be giving up valuable guarantees such as a guaranteed annuity rate.

If there are five years or less to your selected retirement date, you can’t normally switch your existing pension fund and/or any ongoing contributions into with profits.

Can I change my selected retirement date?

Yes. You can change your selected retirement date and this will become your new selected retirement date for the purpose of calculating your benefits. If you do bring forward or extend your selected retirement date please be aware:

  • If you're in a lifestyle profile your fund proportions will re-adjust automatically to the new selected retirement date as set by your Lifestyle Profile.
  • If you are invested in with profits, there must be at least five years to your new selected retirement date.

If you decide to take your pension benefits before your selected retirement date:

  • Your pension fund may be reduced to take into account any product charges.
  • If you are invested in With Profits, your pension fund may be reduced by any applicable market value reduction (PDF)
  • You may lose any valuable guarantees such as guaranteed annuity rate.
  • You may lose any life assurance and payment protection cover that is built into or runs alongside your plan.
When can I take my benefits?

You can usually take your benefits from age 55. You may be able to take your benefits earlier due to ill health. If you'd like more information,  please call us.

The maximum age you can take your benefits will depend on the plan you're in.

If you decide to take your pension benefits before your selected retirement date:

  • your pension fund may be reduced to take into account any product charges,
  • if you are invested in with profits, your pension fund may be reduced by any applicable market value reduction (PDF).
  • you may lose any valuable guarantees such as a guaranteed annuity rate.
  • you may lose any life assurance and payment protection cover that is built into or runs alongside your plan.
How do I take my benefits?

You can normally take up to 25% of your pension fund as a tax free lump sum and the remainder is used to provide an income. You can buy what is commonly referred to as a ‘lifetime annuity’ (or ‘pension annuity’) or you may be able to take an income directly from your pension fund, which is known as ‘income drawdown’. The options depend on the type of pension plan you have. You may need to transfer to a different pension plan to take income drawdown.

I have been sent a Post Sales Information document (PSI). What do I do now?

Each time you make a significant change to your contributions (for example, if you choose to add a single contribution or transfer or increase your regular contributions by more than 25%) you’ll receive a Post Sales Information document showing these changes. If they’re correct, you don’t need to do anything. If they’re incorrect, please contact us.

What is the pension input period for my pension plan?
A pension input period is the period over which you measure the amount of your pension saving (pension input) for your pension plans. Find out what the pension input period is for your pension plan.

Useful tools

Your recently viewed items...

You need javascript enabled for us to remember your Recently Viewed Items.

You might also be interested in...

Contact us

Would you like to talk to us? We're here to help. Take a look at our phone numbers and opening hours.

Help me decide

If you're unsure about the types of life insurance you need, we've developed a useful tools section to help you decide.

Investments

We offer a series of ISA investment funds that can help you make the most of your ISA allowance.