WorkSave Pension Mastertrust
Easing the pension burden on employers. Helping to deliver better futures for employees
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 contributions scheme. It can also offer 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 employee 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.
And our Mastertrust also offers the option of the Future World Multi-Asset Fund if you wish to offer your employees a default arrangement that takes a positive ESG stance.
Benefits for your company
Key features of our Mastertrust:
- The flexibility to:
- accept no responsibilities of trusteeship or share governance and scheme design
- choose whether members receive tax relief on their contributions through:
- traditional net pay or
- at source
- The provision of trustee support services
- A default investment for auto-enrolment (chosen by the trustees)
- Two alternative default investment options, including target-dated funds
- The option of the Future World Multi-Asset Fund if you wish to offer your employees a default arrangement that takes a positive ESG stance
- The ability to agree your own default investment option where governance is shared
- The option to operate a salary sacrifice arrangement
- An alternative option for trust-based schemes which do not offer full pension freedoms
- Access for employees to manage their accounts online through our Manage Your Account portal
- The option of using Coll8, a mobile app that can be downloaded from any app store and allows your employees to take control of their retirement savings on the move. Features include:
- the ability for employers to personalise the app with their own company branding
- provide access to your scheme website, campaign resources and our financial wellbeing hub, Go&Live
- access to specific features like our ESG engagement platform, Tumelo
- the ability to integrate other aspects of an employer’s internal business applications using single sign on to create one access point for their employees to find in-house communications
Benefits to your employees include
- access to a wide choice of investment options including:
- Legal & General funds such as index-trackers, Target Date Funds, actively managed funds and our innovative Future World Fund range with its positive ESG stance
- funds from specially selected external fund managers
- a facilitated adviser charging service that enables members to meet the cost of professional financial advice from their pension pots
- a range of online education materials and useful tools to help them manage their workplace pensions
- an online financial wellbeing hub which provides practical tools and regularly refreshed information to help support with budgeting and planning for key events throughout their lives
- access to the online Manage Your Account portal to view their savings, change funds and update their details in the years before they start accessing their pension pots
- a mobile app called Coll8 that can be downloaded from any app store and allows members to take control of their retirement savings on the move. Features include:
- the ability to connect to Manage Your Account to perform transactions, visit the scheme website and view Legal & General’s financial wellbeing hub
- a link to their company’s website to view internal communications and business information such as HR systems and employee discount schemes
Options at retirement
WorkSave Pension Mastertrust members can access their retirement savings in the following ways:
As 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.
As a cash lump sum
Members can take some or all of their pension pot as a lump sum.
The first 25% is usually tax free with the remaining 75% treated as taxable income.
As an annuity
Members can choose an annuity from any provider.
Transferring pension benefits
If they wish, members can transfer their pension pot to another pension provider to access their retirement options.
We would love to talk to you about your company’s pension requirements.