Scheme and member communications
Scheme communications
An investment guide will be created to show the range of options available to each administering authority. This can be shared as a hyperlink on an existing administering authority pension website, or if this does not exist, L&G can provide a scheme microsite.
Member communications
Members paying AVCs will have access to the secure portal, Manage Your Account (MYA). All of our online functions are optimised for smart devices such as phones and tablets, including the tools, ensuring that all sites are accessible in a range of formats.
MYA brings together all products that members may have with L&G, as well as their AVC savings. Members can access support through MYA via webchat, which provides automated answers to frequently asked questions. They can also find support from L&G through real-time online live chat.
In MYA members can:
- view the current value of savings, contributions, and transactions
- view information about investments
- view statements and useful documents
- switch/redirect funds online and change personal details such as their address, email, and telephone contacts
- change selected retirement age
- access a pre-populated retirement planner making it simpler to model the impact of changes to metrics such as their retirement age or contribution levels
The MYA service is accessible with the L&G mobile app, which allows members to interact with their retirement savings on the go. It can be accessed using biometrics and has the following features:
- access to webchat, allowing members to quickly find answers to frequently asked questions
- an additional communication channel via push notifications
- access to members’ pension microsites as well the financial wellbeing hub, Go&Live
Annual benefit statements
L&G will produce annual benefit statements according to timings agreed with the LGPS pension team. Members will be advised that their statement is available to view in MYA by email unless the member has previously selected paper statements as their preferred means of delivery.
Where L&G does not hold an email address, these members will be contacted by post and encouraged to register for MYA to view their statements online.
Key risks
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, and the investor may get back less than the original amount invested.
Once L&G has received and accepted the transfer value payments they cannot be returned.
The value of the benefits payable on the member’s death may be lower than those that would have been paid under their scheme.
The value of the units which make up a member’s fund can go down as well as up, so the value of their fund is not guaranteed. It is particularly important for a member to remember this if they are close to taking their benefits.
The fund or funds the members are invested in will have specific risks. These risks are described on the fund factsheets which you can view at legalandgeneral.com/investwbop
The law and tax rates may change in the future.