It enables trustees to provide members with a buy-out contract – either following the wind-up of their occupational pension scheme or for securing benefits for members with short service.

Our WorkSave Buy Out Plan allows pension scheme trustees to discharge their liabilities for defined contribution member benefits without the need for consent from the members.

Overview

  • Simple to set up and ongoing management:
    • one easy to complete application covers all scheme members
    • member details can be supplied electronically, securely online or as a hard copy

Members' benefits:

  • Access to a wide choice of investment options:
    • Legal & General funds, including index-trackers, actively managed funds and our innovative Future World Fund range
    • funds from specially selected external fund managers
    • range of lifestyle profiles and target date funds
  • Option to invest in a wide range of assets, including shares from their company share schemes
  • Online access for members that allows them to view their current fund value, change funds and update their details in the years before they start accessing their pension pot
  • Access to a facilitated adviser charging service that enables them to meet the cost of professional advice from their pension pot
  • A range of online member education and other useful tools to help manage their plan
  • An online financial wellbeing hub which provides practical tools and regularly-refreshed information and ideas to help them to find financial happiness