WorkSave Buy Out Plan
Our WorkSave Buy Out Plan allows pension scheme trustees to discharge their liabilities for defined contribution member benefits without the need for consent from the 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.
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
Benefits to your employees
- Access to a wide range of investment options, which include:
- Legal & General managed funds - including multi-asset, index-trackers, actively managed funds and our innovative Future World Fund range
- Funds from a range of specially selected external fund managers
- Range of lifestyle profiles
- Our 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 regulated 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:
Cash lump sum
Members can take some or all of their pension pot as a lump sum. The first 25% will usually be tax free and the remaining 75% treated as taxable income.
A flexible income
Members can use income drawdown to take regular payments and or occasional cash lump sums. Drawdown payments are treated as taxable income.
Members may choose an annuity from any provider.
Transferring pension benefits
Members can transfer their pension pot to another provider before and in some circumstances after retirement.
We would love to talk to you about your company’s pension requirements.