WorkSave Pension Mastertrust

Our WorkSave Pension Mastertrust offers all the flexibility and benefits of a trust-based scheme without the responsibility of running a trustee board. As a multi-employer scheme, each participating employer is treated as a separate scheme within the Mastertrust.

It can help you manage the long-term cost of pension provision, especially with auto enrolment, by reducing future liabilities attached to running your own DC Scheme. It can also offer a high level of independent scheme governance to benefit you and your employees.

We can provide a flexible approach to tailoring your scheme according to your budget, contractual obligations and company ethos.

  1. Benefits for your company

    • Ability to either transfer all responsibilities of trusteeship or share governance and scheme design
    • Ability to choose whether contribution tax relief is through net pay or relief at source
    • Caters for full pension freedoms
    • Default investment option for auto enrolment
    • Enables you to operate a salary sacrifice arrangement
    • Holistic and integrated approach to financial wellbeing for our Mastertrust customers. A digital customer journey with supporting campaign materials
  2. 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 and our innovative Future World Fund range
      • Funds from a range of specially selected external fund managers
      • Range of lifestyle profiles
      • Our Pathway Funds (also known as target date funds)
    • Ability to invest in a wide range of assets classes
    • 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
    • Flexibility to consolidate existing pots or take the pension plan with them to their next employer
    • 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. The first 25% will usually be tax free and the remaining 75% treated as taxable income.

  2. 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.

  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.

Contact us

We would love to talk to you about your company’s pension requirements.