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Pensions news.

Current News

Keep up to date with the latest news, analysis and expert opinion.

2017

Important changes to the way you request information
9 August 2017 - To make the process of requesting member pension benefit information smoother we are introducing a standard Legal & General letter of authority.

Important changes to T&CS for the WorkSave Buy Out Plan.
12 September 2017 - We are making some changes to the terms and conditions of the WorkSave Buy Out Plan which will apply from 22 September 2017.

Facilitated adviser charging for workplace pensions
18 May 2017 - We’re pleased to announce the introduction of facilitated adviser charging for workplace pension scheme members, enabling members to meet the cost of professional advice from their pension pot.

New enhanced microsite for workplace pension schemes
20 April 2017 - We are pleased to announce a new microsite format for our workplace pension schemes to encourage your clients' employees to engage with retirement planning.

2016

2016

Improvements to the Retirement Planner
19 December 2016 - We're delighted to launch the pre-population and mobile optimisation of the Retirement Planner.

Not all doom and gloom for multi-asset investors
07 September 2016 - it’s important to separate Brexit short-term economic impact from your long-term financial goals. In June, LGIM’s Multi-Asset Fund delivered positive returns.

New Lifestage prompts for pension scheme members
05 September 2016 - a new on going mailing programme will prompt members to review their investment strategy at key milestones.

Workplace Savings - Addition of mixed investment funds
07 September 2016 - We are pleased to announce that we have introduced six additional mixed investment funds to the existing Workplace Savings range, taking the total number of available funds up to 32.

Members can now engage with their Workplace Pension on the move
02 August 2016 - We’re delighted to announce the launch of mobile optimisation for our online Manage Your Account facility, and report record breaking registrations for Manage Your Account.

Master Trust Assurance Framework
14 June 2016 - Legal & General Mastertrust has recently achieved Master Trust Assurance Framework accreditation.

Independent Governance Committees
14 June 2016 - The Independent Governance Committee (IGC) has published their first formal governance statement assessing Legal & General ahead of its deadline.

Changes to investment funds
14 June 2016 - Following an in-depth review of our fund proposition, we’re going to be reducing the number of funds available through our Workplace pension schemes in the coming months. Some of our fund aims will also be changing due to the closure of the BNY Mellon CAPS survey.

New launch - Workplace Savings
18 May2016 - We’ve enhanced our saving solutions to provide your clients with an opportunity to invest in ‘Workplace Savings’, a range of competitively low-charged collective investment funds.

New Pre Retirement Member Engagement Strategy
12 April 2016 - To help improve engagement at L&G, we’re pleased to confirm our strategy to urge members to review their pension investment choices will commence from July.

MYA Registrations and Updated Marketing Materials
12 April 2016 - Improving online member engagement we’ve updated our suite of video tutorials and promotional materials.

Commission switch off for Workplace Pension Schemes
16 March 2016 - The Government introduced a range of measures to protect members automatically enrolled into a workplace pension scheme which included a ban on commission for advisers. From April 2016 all paid commission to advisers for AE schemes must stop. Here we summarise our position.

Communication Plan for Default Strategy
02 February 2016 - We announced a change to our WorkSave Pension Plan default investment strategy to reflect this new era of pension freedom and choice. We are now writing to new joiners entering the Multi-Asset Fund and existing members invested in the Multi-Asset Lifestyle Profile.

New at Retirement Solutions
02 February 2016 - Since April 2015, the Government has allowed members of DC pension schemes to access their pension pots in a more flexible way. Developing a proposition to support DC trust schemes who don't want to make the new pension freedoms available within their schemes, we provide an out of scheme option for members.

Delivering value for money
02 February 2016 - From April 2016, all IGCs will need to publish their first formal governance statements, including their view on whether providers are delivering good value to customers and any actions that they’ll need to take if they fall short.

LGIM Investment Platform first anniversary
02 February 2016 - LGIM’s Investment Platform has marked its first anniversary by passing the £4bn AUM mark and surpassed original expectations.

2015

New Default Investment Strategy for WorkSave Pension Plans
24 September 2015 - This year’s pension reforms mean greater flexibility than ever before in how members of pension schemes can take their retirement savings.

Update: New Default Investment Strategy for WorkSave Pension Plans
9 November 2015 - This update contains information on the reasons behind the change, the implications for both new and existing scheme members, our communication strategy, timetable for change and our new investment strategies for 'freedom and choice'.

A multi-asset approach to investing
9 June 2015 - The DC pension industry is growing and changing rapidly, so we understand the importance of being able to retain a certain amount of flexibility in retirement for many investors. Here we look at what a well-designed default should look like, and touch on our Multi-Asset Fund and Retirement Income Multi-Asset Fund.

Election victory and Second Line of Defence
9 June 2015 - Following the election result, we look at the effects on the pensions industry and responding to the FCA’s demand for a second line of defence before pension benefits are taken.

Pension Freedoms and Customer Behaviour
9 June 2015 - In the time between announcing Pension Freedoms and putting them into practice, we’ve been looking at what our customers’ choices have been, their understanding of their options and a need for more financial education.

New Investment Strategies for Pension Freedoms
12 November 2015 - With the new pension freedom options it becomes important to choose an investment strategy that places the member in the best position to achieve their desired outcome. We’ve created three new investment options to help members smooth the way to retirement.

Consumer behaviour since Pensions Freedom day
12 November 2015 - It seems not a day goes by without a story in the press about the new pension freedom options, ranging from whether the reforms are working to how people are taking their savings. We have some high level statistics which should give you a flavour of our experience.

LGIM Multi-Asset Fund yearly review.
6 May 2015 - Were pleased to present the latest webinar on changes to asset allocation for the Multi-Asset Fund, and the basis for this following an annual review.

2014

New improved pension benefit statements.
After a successful pilot scheme, we’re pleased to announce the introduction of a new improved pension benefit statement to help members monitor the progress of their retirement savings.

News round up.
We bring you a roundup of recent pension industry news including articles about UK pensions given more flexibility to access savings, consumer guidance guarantee research, regulator has no plans to bolster UK pension safeguards, what the ONS data tells us about contribution habits, and Employers supporting employees through the new retirement freedoms.

Changes to Worklife Solutions.
18 November 2014 - We regularly review the products and services we offer to make sure they provide what our customers want. The take-up rates for Workplace Rewards, which is part of Worklife Solutions, has been very low and so Workplace Rewards is being withdrawn. The Employee Assistance Programme (EAP) that’s available with all our group protection products is unaffected by these changes.

First mastertrust annual general meeting.
18 November 2014 - The Trustees of the Legal & General Mastertrust held their first ever Annual General Meeting in September.

'Highly Commended' at Workplace Savings & Benefits Awards 2014
30 September 2014 - We are pleased to announce that Legal & General were 'Highly Commended' at the 2014 Workplace Savings & Benefits Awards.

Auto Enrolment Provider of the Year two years running.
05 June 2014 - We're thrilled to announce that we've been recognised as Auto Enrolment Provider of the Year for the second year running at the FT Pension and Investment Provider Awards.

If changing provider we have the solutions
05 June 2014 - We understand the key challenges that your clients will face if they choose to change their auto enrolment provider, and we have solutions to their questions.

Improvements to our pension benefit statements.
05 June 2014 - We've been listening to feedback from our customers, and as a result have made a number of improvements to our Mastertrust pension benefit statements.

Financial News Awards 2014.
05 June 2014 - We are delighted to announce that we won an award for Best Pension Scheme Governance for the Legal & General WorkSave Mastertrust at this month's Financial News Awards.

Budget 2014 initial response.
11 April 2014 - The recent Budget introduced dramatic changes to the options for defined contribution pension scheme members as they approach retirement.

We have won an award for best mastertrust.
14 April 2014 - We're delighted to announce that we've won the Best Mastertrust category in this year's Corporate Adviser Awards.

Changes to disclosure requirements April 2014.
11 April 2014 - In addition to the far-reaching changes announced in the Budget this month, there have been a number of quieter changes in legislation which change the information requirements for both trust and contract based plans with effect from 6 April 2014.

Legal & General announce plans for first pension member AGM
12 February 2014 - The Trustees of the Legal & General Mastertrust plan to invite scheme members to attend a Mastertrust Annual General Meeting (MAGM) during 2014.

Auto enrolment - is it working?
12 February 2014 - The largest employers staged over a year ago and thousands of SME’s are due to follow suit throughout 2014. After one of the largest pension reforms in recent years, the industry has begun to look at the auto enrolment experience to date and how its future will look.

2013

Are your clients ready for auto enrolment?
26 November 2013 - With over 25,000 employers reaching their staging dates in the first half of 2014, industry experts are predicting a capacity crunch as pension providers struggle to cope with demand.

More awards success as we win the Gold Standard Award for Pensions
03 December 2013 - We are pleased to announce we’ve won the Incisive Media Gold Standard Award for Pensions. The awards, which are in their eleventh year, are only given to companies that achieve certain standards of financial strength, customer service, value for money, corporate governance and social responsibility.

Workplace Savings Provider of the Year 2013.
11 October 2013 - We're thrilled to have been recognised as Workplace Savings Provider of the Year at the Workplace Savings and Benefits Awards 2013.

Enhancements to the online experience
11 October 2013 - We’re pleased to announce the launch of new content and videos on our Workplace Benefits website. The new digital experience has been designed to bring our auto enrolment proposition, support and customer journey to life.

Technical changes to auto enrolment.
03 December 2013 - The government recently announced technical changes to the auto enrolment legislation. The changes aim to simplify the AE process as the legislation rolls out to SMEs in 2014.

Third Year Running Investor In Customers
12 September 2013 - We are delighted to have been awarded an Investor in Customers (IIC) ‘Outstanding’ rating for the third year running.

Important changes to our pension lifestyle profile projections.
12 September 2013 - We've reviewed the way we produce our projections for Lifestyle Profiles. As a result, we believe that the way we will now calculate the potential value of member benefits gives a more realistic view of how members' investments may grow and will further help to plan for their retirement.

Improved Governance for Contract Based Pension Schemes
12 September 2013 - No-one will deny the importance of good governance in delivering better member outcomes, which is why we have instituted a change in our governance approach to our contract based pension schemes.

PMI accredited for training programme.
12 September 2013 - The Pensions Management Institute (PMI) have announced us as one of the first organisations to receive accreditation for their training and development programmes.

Pensions Minister praises trust schemes for “clever communications".
06 August 2013 - In a recent article in Employee Benefits, Steve Webb, Pensions Minister, praised the employee communications used at Marks & Spencer and Asda in the lead up to auto enrolment.

Enhancing our customer experience.
06 August 2013 - It's important to us that our customers receive the support and services they need, so we recently carried out extensive research into our customers' experiences with us. We wanted to know what we were doing right, and the areas where our customers thought we could enhance our services for an even better customer journey.

WorkSave Mastertrust receives PQM READY status.
06 August 2013 - We have become the first insurer to achieve the Pension Quality Mark (PQM) READY accreditation for our mastertrust pension scheme.

Tony Filbin Top 10 Most Influential People in Pensions.
06 August 2013 - Tony Filbin, Managing Director, Workplace Savings, has been recognised as one of the Top 10 Most Influential People in Pensions.

Workplace Savings Auto Enrolment Provider of the Year 2013
04 June 2013 - We're very pleased to announce that we (Legal & General – Workplace Savings) were awarded the Auto Enrolment Provider of the Year at this year’s FT Pension and Investment Provider Awards.

Celebrating our success at the UK Pensions Awards 2013
20 May 2013 - We're thrilled to announce that we won the Corporate Platform / Wrap Provider of the Year award at the UK Pensions Awards 2013.

Friend of Pension Quality Mark
20 May 2013 - As a leading pension provider, we’re committed to promoting high quality workplace pension schemes. Which is why we have been awarded the status Friend of Pension Quality Mark (PQM).

First independent chair for Mastertrust
20 May 2013 - Paul Trickett has taken up a new role as independent chairman of Legal & General's WorkSave Mastertrust.

WorkSave ISA fund charges reduced
20 May 2013 - On 1st February, we reduced our WorkSave ISA unit trust charges to give greater value to our customers.

We're Supporting the Launch of the Anchor Community Band
18 April 2013 - We've teamed up with our customer Anchor to support the launch of the Anchor Community Band's bid for stardom and place in the official UK Singles Charts. They are producing a charity single that celebrates the positive aspects of ageing and challenges the stereotypes and misconceptions in a fun and inclusive way.

Legal & General enrol 250,000 new members
13 March 2013 - Legal & General have auto enrolled over 250,000 new members into pension schemes since staging started in October 2012.

2012

The greatest education challenge of all time?
22 November 2012 - Automatic enrolment changes the way we see pensions. As you know it’s more important than ever that your clients are able engage with their employees so that they understand the importance of saving for the future.

Automatic enrolment is here.
22 December 2012 - Following two years of planning, research, new product and process implementation we’re proud to announce that we are now live.

Award-winning approach to Workplace Savings
26 June 2012 - This year, we've snapped up three prestigious awards for our commitment and support.

Thinking about pension annuities
26 June 2012 - A pension annuity is likely to be one of the biggest lump sum purchases made in a person's lifetime, yet many may not be getting the best deal for them. Our Annuity Solutions team can help your retiring employees with their annuity purchase process.

Workplace Savings named Auto Enrolment Provider of the Year
14 May 2012 - On 9 May we were named Auto Enrolment Provider of the Year by the UK Pensions Awards 2012. This is a brand new category for this year and we’ve come top over some of our biggest competitors for our market leading and value-adding auto enrolment proposition.

WorkSave ISA fund charges reduced
13 March 2012 - From 1 February, our WorkSave ISA unit trust charges were reduced in line with market demand.

Improvements to member online service
13 March 2012 - We're enhancing our current service for members – Manage Your Account – to ensure employees are in control of their retirement savings at their convenience.

Positive feedback for new look benefit statements
13 March 2013 - Following the launch last November of our new benefit statements, we've had over two thousand responses so far and the feedback has been amazingly positive.

Customer research on auto enrolment
19 January 2012 - Auto enrolment research shows a minimum of 74% of employees will stay in scheme

Text messaging service for scheme members
19 January 2012 - Workplace Savings are constantly looking at ways to drive engagement through employer sponsored savings schemes. We're achieving this by providing regular and better information to customers in ways that are useful and convenient to them.

2011

One million more households in danger of debt
09 November 2011 - Our latest MoneyMood Survey shows a million households are worse off now than they were just 1 year ago.

New look pension benefit statements
03 October 2011 - We've re-designed our pension statements to present customers with a clear and easy to understand document.

Online opt out demo for auto enrolment launches.
30 September 2011 - We're currently working to complete our online opt out function, WorkSave Choice, in time for the beginning of auto enrolment next summer.

New WorkSave Pension Trust
13 September 2011 - Introducing our WorkSave Pension Trust tailored to suit the needs of trust-based clients looking for flexible investment options and a bespoke level of service.

More than just a helpline
02 August 2011 - Our member helpline, run by a team of experts, provides scheme members with outstanding service and support.

Workplace Savings win Pensions Week retirement slogan competition
02 August 2011 - An idea to encourage saving for retirement

Employee views on auto enrolment
01 August 2011 - We've recently revealed the findings of new research into how employees will deal with the auto enrolment process.

Submissions management process improved
21 June 2011 - With our enhanced service, Scheme Administrators can manage new joiner and existing member contributions quickly and easily directly through Manage Your Scheme.

People 'saving less for retirement'
25 May 2011 - In the past year there has been a dive in the savings levels of people who are about to or have already given up work, a study has suggested.

Enhancing our bulk transfer operations
11 May 2011 - To deal with bulk transfers smoothly and efficiently we’ve recently launched our new and enhanced Bulk Transfer Operating Model.

Benefit changes
04 May 2011 - The previous forms of drawdown - Unsecured Pension (USP) and Alternatively Secured Pension (ASP) before and after 75 respectively - have now been merged into Capped Drawdown.

Future Lifetime Allowance levels
04 May 2011 - The Lifetime Allowance will reduce from £1.8m to £1.5m on 6 April 2012. If your clients have already made saving decisions based on the existing Lifetime Allowance, then they can apply for 'Fixed Protection'.

Pension contributions and the annual allowance
04 May 2011 - The Annual Allowance was reduced to £50,000 on 6 April 2011 and the previous restrictions for high earners with total income of £130,000 or more ended.

Saving for a pension shows a sharp rise
12 March 2011 - The number of people who say they’re thinking of saving for a pension has shown a significant rise according to figures in the latest MoneyMood Survey (April 2011) indicating a positive return to saving for the longer-term.

Early access to pensions ruled out
20 April 2011 - Savers will not be able to access their pensions early, the Government has announced.

Dividend payouts increase by £1.4bn
18 April 2011 - Shareholders have pocketed £15 billion in dividends in the first three months of this year in what promises to be a good year for investors, new research suggests.

Recognition for our outstanding customer service
06 April 2011 - Workplace Savings has received an Outstanding Service award from Investor in Customers for our commitment to meeting the needs of the market and our customers.

Mixed reaction to retirement plans
29 March 2011 - Just a quarter of employers are in favour of moves that will see the default retirement age of 65 scrapped next month, latest research has revealed.

What a carry on!
15 March 2011 - Carrying forward any unused allowance can make a huge difference to your pension contributions.

Important legislative change.
02 March 2011 - On 1 March 2011, the Court of Justice of the European Union (ECJ) published its ruling on the legality of Article 5(2) of the Gender Directive 2004.

Member education with a difference
12 May 2011 - Our popular Cash Family Challenges continue to help scheme members understand their finances.

New! Member Education HUB – The Learning Zone.
28 February 2011 - Helping to educate and inform scheme members about pensions and savings.

Council bosses 'earn more than PM'
14 February 2011 - Nearly half of council chief executives in England and Wales were paid more than the Prime Minister last year, new research has claimed.

2010

New Auto Enrolment Solutions
08 December 2014 - We're developing new solutions to simplify administration and reduce costs, so your clients can meet their auto enrolment obligations without burden.

Group pensions and insured/hybrid SIPP provider of the year!
29 October 2010 - We were crowned winners of two industry-leading awards for best group pensions and insured/hybrid sipp at the technology administration and service (TAS) awards 2010.

Legal & General to play key part in auto-enrolment
24 June 2010 - Auto-enrolment update

The June 2010 budget.
22 June 2010 - Some key points from the Coalition Government's emergency budget

Group SIPP Provider of the Year
06 May 2010 - We've done it again! For the second year in a row, Legal & General has been named Group SIPP Provider of the Year at the FT Business Pension & Investment Provider Awards (PIPA) for its WorkSave Pension Plan.

Real value for money
03 March 2010 - Adrian Boulding, Pensions Strategy Director, explains why employer pension contributions are becoming even better value.

The future of group pension provision
Introducing our WorkSave Pension Plan, a flexible, future-proof pension product to satisfy the needs of you and your clients.

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