Your investment change
Project support
Welcome to your dedicated project support site
This page is designed to provide you with all the information about your investment change. You’ll find supporting information about the change, timings and sample member communications. As well as access to information about any key information about interruptions in service to keep in mind for you and your members.
Communications and Supporting Information
See examples of the letters and emails we’ll be using to communicate this change to members
View our member materials about your new default fund.
Timeline of activities
| Date | Activity |
| April 2026 | Legal & General will issue a communication to members who are in scope of the change |
| April to June 2026 | 60-day notice period given to members, ahead of the changes taking effect |
| 9th June to 15th June 2026 | Blackout period – you will not be able to submit any contributions to Legal & General between these dates (inclusive) |
| 1st June 2026 |
The updated Terms and Conditions will take effect from this date, and the Scheme Blueprints will be updated to reflect Target Date Funds as the default fund. Any new joiners from this date onward will be enrolled into the new default fund, unless they choose to self‑select a fund. |
| 16th June 2026 |
Members included in this change will have their existing funds, currently invested in the default option, switched to the Target Date Fund.
We will also redirect any new contributions that would have been invested in the old default, into the Target Date Fund. |
| 19th June 2026 | The fund switches will be visible to members online in Manage Your Account. |
Frequently asked questions
We have decided to phase out the use of the Multi-Asset Fund 5-Year 25% Cash Lifestyle Profile and some older legacy lifestyle profiles as default fund options for our members.
Instead, we will offer the Target Date Fund range (TDF) as the main default fund for Stakeholder. This decision has been approved by the Independent Governance Committee (IGC).
We’ll be writing to members in April 2026. Members will be prompted to review their retirement date and their fund selection to ensure it is still relevant for them and their retirement plans.
In order to introduce Target Date Funds (TDFs) for Stakeholder we have updated our terms and conditions.
The key changes are to introduce TDFs as the default investment option, to describe how they work and to clearly explain to members how they will be charged. This information will be provided to the member, as part of our communication in April.
There is an additional fund management charge of 0.02% for the Target Date Funds.
Although the Target Date Funds have a slightly higher FMC than the previous default investment, we believe they will produce a better outcome at retirement for members, although this cannot be guaranteed.
Yes – however, we will aim to minimise this by transitioning clients together on the same switch dates for efficiency and to reduce transaction costs.
We will update the default investment for your scheme to Target Date Funds from 1st June 2026. Any new members from this date forward will be invested in Target Date funds, unless a self selection is made.
You will therefore need to review and update any internal member communications that reference the current default investment.
There will also be a blackout period, during which you cannot submit pension contributions via our online portal. The Blackout period is detailed on the Timeline of Activities above.
Please also refer to the section ‘Will I need to submit files differently?’ as you may need to update the information you include within this file.
Only if you currently input a fund code when submitting your new joiner files.
**Please leave this field blank for all future submissions, unless a new joiner would like to be enrolled into a specific fund, which is NOT the default**
By leaving the fund code blank, L&G will be able to enrol each new joiner into the Target Date Fund that aligns with their chosen retirement age.
During the blackout periods, we will be carrying out the necessary transactions to switch members into the new funds. During these periods members unit holding need to be static i.e. no new contributions are being invested.