Our WorkSave Pension Trust offers a bundled solution for trust based Defined Contribution (DC) pension schemes – either existing or brand new schemes. It is structured as an insurance policy which gives Trustee(s) access to an investment and administration platform. This structure gives it a great deal of flexibility.

Your client as trustees will be responsible for the overall running of the scheme. This means that they’ll be actively involved in the management of the scheme and you’ll be able to work with them to make key decisions such as choosing the investment strategy.

Overview

  • Set of comprehensive service packages and options
  • The ability to operate a salary sacrifice arrangement

Members' benefits (as determined by the Trustees):

  • Access to a choice of investment options, which may include:
    • Legal & General funds, including index-trackers, target date funds, actively managed funds and our innovative Future World range
    • funds from specially selected external fund managers
    • range of lifestyle profiles and target date funds
  • Online access with the ability to view their savings, change funds and update their details 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
  • An online financial wellbeing hub which provides practical tools and regularly-refreshed information and ideas to help them to find financial happiness

Options at retirement

A flexible income:

  • Available at the Trustees' discretion
  • Where the Trustees do not wish to offer drawdown within their own trust scheme, a mastertrust version may be established to run in tandem.
  • Members can use income drawdown to take regular payments and or occasional cash lump sums. Drawdown 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.

Annuity:

  • 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