WorkSave Pension Trust

Our WorkSave Pension Trust offers a flexible trust-based pension solution. With a range of investments and tailored servicing options it enables you, as trustee, to retain responsibility for the management of your employer pension scheme and be actively involved in decision making.

  1. Benefits for your company

    • Offers a range of comprehensive service packages and options
    • Default for auto enrolment
    • Enables you to operate a salary sacrifice arrangement
    • Holistic and integrated approach to financial wellbeing for our Own Trust 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)
    • Ability to  invest in a wide range of assets, including shares from company share schemes
    • 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, 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

    Available at the discretion of trustees.

    Where available, 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.