How pension saving works

Saving into this pension is a simple, low cost and tax efficient way to save towards your future. 

• Your plan is set up for you by Co-operative Bank.
• You and Co-operative Bank both contribute, with extra support from tax relief.
• These contributions build up your pension pot over time.
• Your pot is invested to help it grow, although growth isn’t guaranteed, the value of your pension can go down as well as up.
• Investments follow a responsible approach, taking environmental, social and governance (ESG) factors into account.
• From the Normal Minimum Pension Age (NMPA), you can choose how and when to access your money. The NMPA is currently age 55 but this is increasing to age 57 from 2028.

About your new plan

Your plan is part of the L&G Mastertrust (the Scheme), a defined contribution pension. This means its value depends on how much is paid in and how investments perform.
It’s managed by a board of Trustees, who are legally required to act in your best interests. You can find details of the current Trustees on the Mastertrust website.

How the Mastertrust works?

• Contributions from you and your employer are paid into your plan, with the option to increase your own payments.
• The Trustees oversee how the scheme is run and how investments are managed.
• They also take into account wider considerations, such as environmental impact and responsible business practices.
• To learn more, visit the Mastertrust website.

To help you understand how your pension plan works, take a look at the Member Booklet.

When you can access your pension

The Normal Minimum Pension Age (NMPA) is usually the earliest you can access your pension:
• Currently: age 55
• From 6 April 2028: age 57

You may be able to access it earlier if:
• You have a protected pension age, or
• You retire due to ill health.

Are there any charges for your new plan?

 

Your plan includes:
• An annual management charge (AMC) for administration
• A fund management charge (FMC) for investments
Full details are in the Member Booklet.

There are some charges that you pay for your pension plan – the annual management charge (AMC) for administration of the pension and the fund charge (FMC). Co-operative Bank should have let you know what these charges are.

The FMC differs from fund to fund and is reflected in the value of the units of each fund, so it isn’t taken directly from your pension pot. Each fund has a factsheet that tells you the current FMC.

You can access further information such as fund specific charges and latest performance by logging in to your online account.

If you’re not registered for your online account, it’s quick and easy to do and allows you to manage your pension savings online.

Or use the L&G app - Keep track of your pension anytime, anywhere. Our app puts your workplace pension in your pocket, making it easier than ever to manage your pension whenever and wherever you need to.