BOC - Scheme introduction

BOC - Scheme Introduction Video

Your scheme introduction video

Welcome to your My BOC Pension Plan.

Let’s take a look around …

Contributions

Each time you pay in, your employer pays in too. The government also helps in the form of tax relief (limits apply).

Currently, you can pay between 3% and 5%. Your employer will pay between 6.7% and 10.7%. You have the option to pay more. Your employer will do the same (limits apply). For more information go to legalandgeneral.com/boc or speak to your employer.

Investments

Unless you tell us otherwise, your savings will be invested in the scheme’s default investment option. This is called the L&G Target Date Fund. If you choose to make your own investment decisions, you should invest your savings in a way that reflects your circumstances and goals.

The way your savings are invested impacts the world around us. To find out more about how we invest your savings responsibly, go to our hub at www.legalandgeneral.com/workplace/esg

Your scheme’s investment guide will tell you what your investment options are.  You can review and change the way your savings are invested in your online account at legalandgeneral.com/mya

Charges

You pay an Annual Management Charge of 0.08% for administration, and a Fund Management Charge of 0.15% if you’re invested in the default investment option.

This means that for every £100 in your retirement savings pot, you will pay a total annual charge of £0.23p each year. Remember, your Fund Management Charge may change if you choose different investments.

Retirement options

When you’re ready to start using your retirement savings, it’s important to know what your options are. To find out more, visit legalandgeneral.com/boc

Unless you’re suffering from ill health, the earliest you can do this is from age 55 (although this will increase to age 57 in 2028). Generally, the first 25% of your retirement savings pot is tax free, the rest is taxed as income.

Help and advice

Pension Wise (moneyhelper.org.uk/pensionwise) is a service from MoneyHelper and can help with these decisions.

You should also consider taking financial advice. To find a local adviser, go to unbiased.co.uk.  Advisers may charge for their services.

We have planning tools that can help you check if your retirement savings are on track.

You can find them in your online account or by going to your scheme website. You can also manage your retirement savings online using our mobile app Coll8. To do this, you’ll need to have registered for your online account.

There are 2 other videos in our scheme introduction series:

• Frequently Asked Questions
• Transferring your pensions to Legal & General.

You'll find them on your scheme website.

Thank you for watching and for saving with Legal & General.