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WorkSave Pension Mastertrust.

Our WorkSave Pension Mastertrust offers all the flexibility and benefits of a trust based scheme but without the responsibility of running a trustee board.

It's a multi employer scheme. Each participating employer is treated as a separate scheme within the Mastertrust.

  • Flexibility to:
    • delegate all responsibilities of trusteeship or
    • share governance and scheme design
  • Option to choose whether members receive tax relief on their contributions through:
    • traditional net pay or
    • at source
  • The provision of trustee support services
  • A default investment for auto enrolment
  • The ability to operate a salary sacrifice arrangement
  • This could be used for other trust based schemes which do not offer full pension freedoms

Members' benefits:

  • Access to a wide choice of investment funds including:
    • own funds, including index-trackers and actively managed funds
    • funds from specially selected external fund managers
    • lifestyle profiles
  • Full online access for employees that allows them to view their savings, change funds and update their details whenever they want in the years before they start accessing their pension pot
  • A range of online member education and other useful tools to help manage their workplace pension

Flexi-access drawdown:

  • £30,000 pension pot before PCLS for regular income
  • £100 minimum income per month or £2,000 minimum ad hoc drawdown

Cash lump sum:

  • Full - Yes (25% tax free with 75% as taxable income)
  • Partial – Yes (£2,000 minimum. 25% tax free with 75% as taxable income)

Annuity:

  • Yes - from any chosen provider

Transfer out:

  • Yes - member's pension pot can be transferred to another pension provider to access their retirement options

If your client already has an existing trustee board in place and wants to set up a new company pension or change services, they might also be interested in our WorkSave Pension Trust.

For more information, please speak to your usual contact or get in touch.

We'd like to share our experience and expertise with you. Speak to us if you would like to view a demonstration of our online solutions, or if you have any specific client projects that you would like to discuss.

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