LANXESS Pension Plan

The Company is proposing, subject to consultation, to move future pension provision to a single defined contribution Master Trust provider across the relevant UK businesses. The effect differs by entity: some employees are currently in Group Personal Pension arrangements and would move to a Master Trust, while Antec employees are already in a Master Trust and would therefore change Master Trust provider.

A Master Trust is a multi-employer occupational defined contribution pension scheme authorised under the Pension Schemes Act 2017, supervised by The Pensions Regulator and governed by independent professional trustees. For employees currently in a Group Personal Pension, this is a different structure because a Group Personal Pension is generally based on an individual contract with an insurance provider.

Antec employees are already in a Master Trust. The proposed change for Antec is therefore a change of Master Trust/provider rather than a move into the Master Trust structure for the first time. The consultation material for Antec will focus on the specific differences and proposed benefits of changing provider.

No. The proposal is to retain the current pension contribution structure and existing pensionable earnings definition for current employees. The proposed harmonised standard for new joiners is a matching employer contribution of up to 7%, based on the new-joiner pensionable salary definition. 

The proposed new-joiner standard is an employer contribution of up to 7%, matching the employee contribution, subject to the required minimum contributions to comply with automatic enrolment. The project design also includes base salary and shift allowance in the relevant salary definition. 

This approach avoids reducing current pension terms for existing employees and supports a smoother transition to the future benefits framework. 

The proposed new pension arrangement will offer salary sacrifice to eligible employees. Salary sacrifice can provide National Insurance savings, but eligibility restrictions apply, including National Minimum Wage requirements. A further communication will be sent about salary sacrifice if the proposed pension changes go ahead. 

No final salary-sacrifice implementation method has been confirmed. The detailed process, including whether an opt-in or opt-out approach is used, will be dealt with separately. Eligibility rules and the implications of salary sacrifice will be explained before implementation. 

Salary sacrifice can have implications depending on an employee's circumstances. Detailed guidance will be provided separately, including information on eligibility and relevant salary-related considerations. Neither LANXESS nor HR can provide personal financial advice. Employees should consider their individual circumstances and may wish to seek independent financial advice before making a decision.

The current pension arrangements will close to new members from 1 April 2027. Employees who are employed before that date but are not participating in the pension scheme will be given information about the deadline for joining under the existing terms. Anyone joining or rejoining from 1 April 2027 will enter the new pension arrangement on the terms applying at that time.

No. Pensionable earnings definitions for current employees are not changing as part of this project. The entity-specific pension communications will confirm the basis that applies to each employee population.

The proposed default investment for the new plan is the L&G Target Date Fund, if the proposed changes proceed, you can self-select another investment option within your online account or L&G app.   
Full details will be shared after the consultation; however you may select from a range of funds, including Islamic Faith based investments and Environmental, Social and Governance (ESG) options. 

Information and factsheets about available funds and their performance can be found here.   
If the proposed changes move forward, you will be able to view all this on the plan website, your online account with L&G, or the L&G app.   

Note, past performance is not a guarantee of future results.  

Yes. Once you're a member of the L&G Mastertrust, you can change your investment choices online at any time through your online account or the L&G app.  
There is no charge for making changes, and you can review and update your investments whenever you need to. However, pensions are a long-term investment, so it's important to think carefully before making changes and avoid making decisions based on short-term market movements.  

Before choosing or changing investments, we recommend reading the relevant fund information and factsheets to help you understand the risks, objectives and any charges that may apply.  

No, you do not need to anything. We will automatically enrol you. However, if you have any questions or feedback about the changes you can contact contact details here.  

If the proposal proceeds, you’ll receive a joining communication explaining how to opt out.