You can log in to Manage Your Account and plan for your retirement. Or learn more about making the most of your workplace pension.
Your workplace pension is a tax-efficient and beneficial way to save for your retirement.
Want to know more about your workplace pension?
The best place to get information about your workplace pension scheme is on your employer’s dedicated pension scheme website. If you don’t know where that is, check with your employer. There will usually be a link on your employer’s intranet site. You can also log in to Manage Your Account.
Am I on track?
Create an action plan and see if you're on track. Here are some things to consider:
How much have you already saved? If you're a Legal & General customer log in or register for Manage Your Account to see how your pension is doing. You can also see where your money is invested to make sure it's working hard for you.
If you already have other pension plans contact your pension provider to get an up to date value for your pension pot. It's worth keeping a close eye on the value of your pot as the value of pension investments can go down as well as up.
How much can you afford to pay in? Consider what your expenses are at the moment and figure out how much you can afford to save into your pension.
How much will your employer contribute? Find out from your employer how much they will normally contribute to your pension plan. When do you want to retire? The age at which you plan to retire may affect how much you need to be saving today. The earlier you plan to give up work the more you'll typically have to save to help cover the cost of a longer retirement. It's worth considering that the more you save, the more tax relief you'll receive. Also, the earlier you start saving, the more time there is for your pot to grow but it could go down in value too.
When do you want to retire? The age at which you plan to retire may affect how much you need to be saving today. The earlier you plan to give up work the more you'll typically have to save to help cover the cost of a longer retirement. It's worth considering that the more you save, the more tax relief you'll receive. Also, the earlier you start saving, the more time there is for your pot to grow.
Get an idea of the kind of income you might have available when you retire. You can use our interactive Retirement planning tool to see how much you may have available at retirement based on your current contribution levels and expected retirement date. Try varying the contribution levels and your planned retirement date to see how it could affect how much you have available.
For a more personalised action plan you may wish to speak to a financial adviser. Please note that financial advisers usually charge a fee for their services. Visit Unbiased to find an adviser near you.
If you're nearing retirement, you'll have a number of options open to you. To help you with your retirement planning, we've outlined a number of things you might want to think about now. Learn more about approaching retirement.
Things to consider
What happens to my pension if I change my employer?
Upon leaving your current employer you'll have some options available to you with regard to your pension.
- The plan will still be invested for you and annual management and fund management charges will continue to be deducted. You may be able to continue payments or start again in the future depending on the type of scheme your new employer has set up. Please note, if annual management charges plus fund management charges are greater than any fund growth, the value of your investments will reduce.
- At any time in the future, you can transfer the pension you hold with us to another provider. We won't charge you to do this.
As soon as we receive the last payment from your old employer, we'll send you a leaver's pack which will explain all your options in more detail.
How much can I save in my workplace pension?
You can contribute up to 100% of your relevant earnings or £3,600 gross, if greater, into your pension plan and still get tax relief.
If your contributions go over the annual allowance including employer contributions (currently £40,000 in the tax year 2018/2019) you will incur a tax charge up to the highest rate you pay.
For those with earnings over £110,000 a year, and £150,000 a year when total pension contributions are included, the annual allowance may reduce below £40,000 but not less than £10,000. Please note it may be possible to carry forward unused annual allowances from up to three previous tax years.
If you have started drawing a flexible income from your pension pot, your annual allowance will reduce to £4,000 a year (this is called the Money Purchase Annual Allowance (MPAA)) and you can't carry forward any unused allowances. If you want to carry on building up your pension pot this may influence when you start taking income. Taking your tax-free cash lump sum without any other income doesn't affect your annual allowance.
Can I transfer other pensions into my Legal & General plan?
Although your pension with Legal & General may accept transfers, we would always recommend you speak to a financial adviser before transferring any other pensions you have to us.
Your other pension providers may charge you if you transfer out of their plan and there may be other benefits or guarantees attached to your pension that you might forfeit if you decide to transfer it. If you are a member of a defined benefit scheme with a transfer value of more than £30,000, you will need to take advice before you can transfer it.
You can visit Unbiased to help you find a financial adviser in your local area. Advisers will usually charge a fee for their services. If you decide not to speak to a financial adviser, you can contact our Employee Support Team on 0345 070 8686 to discuss transfer options that may be open to you. We may record and monitor calls. Call charges will vary.
How do I change my contribution amounts?
If your pension contributions come straight from your salary then you need to tell your payroll department about any changes you wish to make to them.
If you pay by your own direct debit simply call us or send us a letter or email, quote your plan number and tell us what you'd like to change your payments to. You can increase or decrease your regular contributions, but you may have to meet a minimum amount. Your employer may also restrict the number of times you can do this in a year.
How do I change the funds I’m invested in?
If your scheme allows, you can make changes to your investments by logging in to Manage Your Account. There is a video in the Manage Your Account ‘Help and Support’ section which explains what you need to have decided before you change your investments. You will need to log in to see the video.
You can also make changes by calling us or sending us a request by letter or email. Please make sure you quote your plan number. If you make your request in writing you will need to complete a changing your investments form which you can download from the document library.
Please note - you can't combine a lifestyle profile with any other fund. If you're already invested in a lifestyle profile and want to change your investment, you'll have to switch all existing payments and redirect any future payments to your new fund choice. Likewise, if you'd like to start investing in a lifestyle profile, you'll have to switch all existing payments and redirect all future payments into the lifestyle profile.
The value of your pension pot may fall as well as rise, and is not guaranteed. You should choose your funds carefully and review them regularly, particularly if you are close to retirement.
Can I cancel my plan?
If you have been automatically enrolled, you can opt out within one month and you’ll get your money back and be treated as if you never joined the plan. Your enrolment communications will explain how to do this. If you don’t opt out by this date you can stop contributing at any time. If you do this, both your contributions and any made by your employer up to that point will remain invested in your pension pot until you take your benefits.
If you have not been automatically enrolled, after you have joined the plan, we will send you a letter containing details of what you will need to do if you decide to cancel and ask for any money back that you have paid. The letter includes a form, called a ‘cancellation notice’. If you decide to cancel, you will need to complete this notice and post it back to us at the address shown on the notice within 30 days of receiving it.
After this period HMRC rules state that your money must remain invested in a pension scheme until you take benefits. For the vast majority of people this will mean that you won’t be able to take benefits until you have reached age 55.
What are my options for accessing my pension pot?
The best place to get information about your options for your scheme is on your employer pension scheme website. If you don't know where that is, check with your employer. There will usually be a link on your employer’s intranet site.
You can also PDF file: Taking money from my pension PDF size: 339KB .
I’m retiring in the near future. Where can I get a retirement quote?
You can request a retirement quote from our Claims team by ringing them on 0370 165 9406.
The team are available 8.30am – 7.00pm Monday to Friday and from 9.00am to 12.00pm on Saturday.
We may record and monitor calls. Call charges will vary.
Calculators and tools
Use our calculators and tools to find out what income you might need in retirement and whether you are on track.