Default investments for members are regularly reviewed. Following a recent review with an independent investment adviser, it was felt that changing the default investment to the L&G PMC Target Date Fund will produce a better outcome for members, although this cannot be guaranteed.
The L&G PMC Target Date Fund looks at your chosen retirement age and adjusts the way your pension savings are invested as you move closer to - and then into - retirement. By adjusting your investments to fit your chosen retirement age, this should allow for more flexibility in how and when you access your pension savings. This is why it’s important for you to review your retirement age to make sure it still reflects your current plans.
If your retirement plans change in the future, you can change your retirement age, along with choosing the target date fund that matches your new retirement date. For more information on this please see our Your guide to target date funds (PDF 1207KB).
We recently wrote to you about this investment change, detail on the dates we plan to move your investments can be found in this communication.
Please note, we monitor market conditions closely and may decide to delay the move by up to 30 days. If the delay is longer than this, we'll contact you to let you know.
Your pension plan has charges that help cover the cost of managing and looking after your savings. Here’s what they mean for you:
The Additional Fund Annual Management Charge (AFAMC), previously called the External Fund Annual Management Charge (EFAMC), may apply if you are invested in certain funds with higher charges or in funds not managed by Legal & General. This charge reflects the extra costs of managing these funds and is taken in addition to the BAMC.
For example, a charge of 0.15% means that each year you’ll pay £1.50 for every £1,000 you have invested.
You can find out where your pension savings are currently invested, as well as more information about what other funds are available to you, in your online account.
