Our WorkSave Pension Mastertrust offers all the flexibility and benefits of a trust based scheme but without you taking on 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:
    • accept no 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 (chosen by Legal & General)
  • Ability to agree own default investment option where you share governance
  • 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 options:
    • own funds, including index-trackers, target date funds and actively managed funds
    • funds from specially selected external fund managers
    • lifestyle profiles
  • 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
  • Access to the adviser charging service that enables members 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 workplace pension
  • An online financial wellbeing hub to further enhance our innovative, member engagement proposition and the development of our ongoing, digital, customer journey. Achieved using the agile methodology and ongoing research to deliver a needs-based approach with regular content refresh

Options at retirement

Flexible income:

  • Members with a pension pot of £30,000 or more (before any cash lump sum) can elect to take their pension as regular or irregular income as needed.
  • Minimum drawdown limits apply and income payments are treated as taxable income.

Cash lump sum:

  • Members can take some or all of their pension pot as a lump sum, with a minimum partial withdrawal amount of £2,000.
  • The first 25% will usually be tax free and the remaining 75% treated as taxable income.


  • Members may choose an annuity from any provider.

Transfer out:

  • Member's pension pot can be transferred to another pension provider to access their retirement options