WorkSave Buy Out Plan

1. Benefits for your company

   • Simple set up with one easy-to-complete application covering all scheme members
   • Member details can be supplied electronically, securely online or as a hard copy
   • Easy ongoing management
   • Holistic and integrated approach to financial wellbeing for our Worksave buy out plan customers. A digital customer journey with supporting campaign materials

2. Benefits to your employees

   • Access to over 100 investment options, which include:
   • Legal & General managed funds - including multi-asset, index-trackers and actively managed funds
   • Funds from a range of selected external fund managers
   • Lifestyle profiles 
   • Our Pathway Funds (also known as target date funds)
   • Online access for members to view and manage their pension quickly and easily
   • Online educational content and other useful tools helps members manage their pension needs
   • Access to our adviser charging service enabling members to meet the cost of professional advice directly from their pension pot
   • The financial wellbeing hub enables employees to feel more financially happy, through online support with practical tools and, where appropriate, products to meet individual needs

Options at retirement

Members may select one or a combination of the following options:

1. 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.

2. A 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.

3. Annuity

   Members may choose an annuity from any provider.

4. Transferring pension benefits

   Members can transfer their pension pot to another provider before and in some circumstances after retirement.