Products
What we offer
Find out more here on our range of trust and contract-based pension products which can be flexibly tailored to your needs.
Pension plans
Our WorkSave Pension Plan is a group personal pension with the option to offer self-investment if required. The plan was designed with the collective needs of an employer's entire workforce in mind. Governance is overseen by the Independent Governance Committee (IGC).
Key documents
Key Features of the WorkSave Pension Plan
Our Legal & General Mastertrust offers all the flexibility and benefits of a trust-based scheme but without the responsibility of running a trustee board.
It can help you manage the long-term cost of pension provision, especially with auto-enrolment, by reducing the future liabilities attached to running your own defined contribution scheme. It also offers a high level of scheme governance to benefit you and your employees.
Yet while being in a multi-employer scheme simplifies the process of managing member benefits and keeps costs down, each participating employer is treated separately within the Mastertrust to allow for a tailored approach to individual budgets, contractual obligations and company ethos.
Key documents
Our WorkSave Pension Trust offers a flexible trust-based DC pension solution.
With a range of investments and tailored servicing options it enables you, as trustee, to retain responsibility for the management of your pension scheme and be actively involved in decision making.
Our WorkSave Buy Out Plan allows pension scheme trustees to discharge their liabilities for defined contribution member benefits without the need for consent from members.
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 also offers the option of the Future World Multi-Asset Fund for trustees who wish to offer their members a default arrangement that takes a positive ESG stance.
Key documents
Key features WorkSave Buy Out Plan
Please note that our Stakeholder Pension Plan is not actively offered to new employers.
Although we don’t actively market this product, your client can still enrol new members into this plan within existing schemes.
The supporting material for this product can be found here: Legal & General - Legacy Products
Governance and oversight
Legal & General Mastertrust
Visit the Legal & General Mastertrust website to find profiles of the trustees, read their governance policies, and understand how their investment strategies and statement of investment principles are designed to help deliver good outcomes for members.
You can also read the latest value for money members’ assessment in the annual Chair’s Statement.
Independent Governance Committee (IGC)
The IGC’s objectives are to provide independent oversight of Legal & General’s governance policies and to assess whether members are receiving value for money from the Legal & General scheme.
On the IGC’s website you can read its policies and its latest annual report, as well as finding out more about the IGC members and the work they do.
Retirement options
All our products offer a selection of ways for members to access their retirement savings, so they can take full advantage of current pension legislation rules:
| Flexible income | Cash lump sum | Annuity | Ability to transfer | |
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Notes:
Flexible income is at trustees’ discretion for own trust schemes.
Drawdown payments are treated as taxable income. When taking a cash lump sum the first 25% is usually tax free with the remaining 75% treated as taxable income.
Tax treatment is dependent on individual circumstances and is subject to change.
Workplace ISA
We’ve listened to employees and designed a new stocks and shares ISA that aims to meet their needs.
We’ve taken the complexity out of investing to make it simpler for your employees to choose the investment that suits them and take greater control of their financial future.
