Legal & General Member Education Webinars

There are short-term and long-term benefits when it comes to saving into your workplace pension:

• You’ll get tax relief on your personal contributions (subject to limitations).
• You’ll receive contributions from your employer.
• Your savings have the opportunity to grow over time.*
• You can take your pension pot in different ways.
• The money can be passed on to your loved ones.

* Please note that the value of your investment can go down as well as up. It isn’t guaranteed, so you may get back less than you put in.

To get a clearer picture of how much income you might need in retirement take a look at the Retirement Living Standards research. This will help you understand how much money you’ll need to support the lifestyle you want.

Our ‘Retirement Living Standards’ tool helps you understand how much you’ll need to live on in retirement. Based on the retirement living standards from the Pensions and Lifetime Savings Association (PLSA), it helps you work out what your retirement might cost based on three lifestyles and allows you to tailor your living costs to your own needs.

If you’re approaching retirement and want to find out more about planning your own retirement, there’s lots of useful information on our Go&Live website.

Once you’ve got an idea of how much you might need in retirement, our retirement planner can help you to work out If you are on track to reach your goals. 

You can enter details of any other retirement savings you might have. You can also change the amount you’re currently paying in to see how increasing your contributions, even if it’s only a little bit more, might boost your retirement savings and help you afford the lifestyle you want in retirement.

And because things can change over time, you can come back to the retirement planner, make any changes and run the numbers again to help you see whether you’re on target to achieve your retirement saving goals.

You’ll find our retirement planning tools in your online account. 

How much you save will always come down to what you can afford, but this should give you an idea of what to aim for.

Remember: the amount going into your pension isn’t just from you - it could also include a contribution from your employer and the tax relief you receive from the government. Which means that your retirement saving goals might be easier to reach than you might think!

You should aim to start saving for your retirement as soon as you can, and your workplace pension gives you a great opportunity to do this.

The earlier you start making regular contributions, the more time your retirement savings have to grow and the better chance you have of reaching your retirement goals.

To change the amount you pay in, please contact your employer.

If you’re thinking of changing the amount you contribute, you should bear in mind that there is a limit on how much you can pay before incurring a tax charge.

You can potentially pay in the equivalent of your entire annual salary each year (or up to £3,600 if you earn less than that) and get tax relief on your contributions, as long as this amount is less than the annual allowance.

This amount, which has been set by the government at £60,000 for the 2024/25 tax year, includes any money that you or an employer pays in on your behalf, to this or any other pension plans you may have. If these contributions exceed the annual allowance in the current tax year you will pay tax on any amount above £60,000. This amount may be less if you earn more than £200,000 a year or if you’ve already accessed your pot in certain ways.  The lowest allowance is £10,000 a year.

The annual allowance may change. Our Tax Year Rates and Allowances booklet will keep you up to date on what this and any other allowances are, that might affect you. Further information on tax allowances can also be found on our Tax information for high earners webpage, if this applies to you.

For more detailed information on the annual allowance see the HMRC website. 

You can start to take your workplace pension savings any time after age 55, whether you’ve stopped working or not. This will increase to 57 from April 2028.

You may be able to access them earlier than this if your original scheme had a protected retirement age, or if you’re in ill health.

If you get close to your chosen retirement age and decide you don’t want to take your money yet, you can simply delay taking your money until you’re ready.

Legal & General or your scheme trustees will decide who gets the value of your pension. If you don’t tell us who you’d like your money to go to, it might be paid to your estate or to someone you don’t want to receive it.

It’s important, therefore, to confirm who you'd like your benefits paid to if you die, by completing a nomination of beneficiary form and keeping it updated as your circumstances change. 

You can complete a nomination of beneficiary form in your online account.

In your online account you can:

• check the value of your pension pot and see how it’s performing
• monitor the contributions and transactions
• see your online pension benefit statements and request an up-to-date statement at any time
• update your contact details and preferences
• change where your money is invested
• access our My Future Now pension transfer service (if it’s available to your scheme)
• plan for your future by using our planning tools to calculate how much your pension pot could be worth when you retire
• complete your Nomination of beneficiary form
• change your selected retirement date

Please note some features may not be available for your plan.

If you haven't already, you'll need to register for your online account. It's quick and easy, all you need is your customer reference number.

You can find this in your welcome pack or email or in any letters you’ve received from us, relating to your Legal & General pension.

You can transfer your retirement savings to a new employer’s pension scheme or another pension scheme of your choice.

Or you can leave it with Legal & General. Your savings will still be invested, and charges will still apply.

You may have an option to continue making contributions, depending on the type of pension scheme.

Once we receive your last contribution, we’ll send you a pack that explains your options in more detail.

Research shows that the difference in pension pot sizes between men and women begins at the start of our working lives, with an initial gap of 16%. This is likely to double by the time women reach their 40s and, by the time women reach retirement their retirement savings could be 55% smaller on average.

This gap exists because women:

• are on average still paid less than men
• are less likely to be in senior leadership roles (meaning lower pay and lower pension contributions)
• are more likely to take a career break (for childcare and unpaid carer)
• are more likely to work part time or reduced hours
• often retire early due to the menopause or ill-health

To find out more go to the Gender Pension Gap page on the Legal & General website.

Research carried out by Legal & General in late 2022, involving more than 4,000 UK adults, identified that minority ethnic savers have an average pension pot of £52,333, which is 46% of the £114,941 saved by their white British counterparts.

And it’s not just a size issue. 69% of our minority ethnic respondents didn’t have a pension pot compared to 44% of white British people.

This gap exists for many of the same reasons that impact on women, with low pay being a key factor as many workers from an ethnic minority background are more likely to have a lower income.

However, in addition, our research also highlighted 5 main reasons that prevent minority ethnicities from saving into a pension, which are:

• not enough spare income
• not wanting to take risks with their money
• concerns about the cost of living
• a lack of pensions knowledge
• preferring to save for the future in other ways, e.g. investing in property.

There’s a great deal that needs to be done in terms of improving communication and financial education and removing barriers that create mistrust, in order to create a level playing field for all.

If you’d like to find out more, please take a look at our ethnicity pension gap report.

You can find out more information about the funds you are invested in and the other investment options available within the investments section of your online account. 

You can change the way your savings are invested in your online account. 

Please note Legal & General cannot provide financial advice. If you want help to make your own investment choices, you should speak to a financial adviser. You can find one in your local area at unbiased.co.uk. Financial advisers usually charge a fee for their services, but the advice will be personal to you and your circumstances. If it’s available to members of the scheme you’re in, you may also be able to access Legal & General Financial Advice (LGFA).

To find out more about the help that’s available go to legalandgeneral.com/lgfa

You can find out more at legalandgeneral.com/workplace/esg.

Most people will be entitled to a State Pension. This entitlement is built up over time by paying your National Insurance contributions while you’re working. You’ll then start to receive it from the government when you reach your State Pension age (unless you choose to defer it). 

The State Pension is an important part of planning and budgeting for your retirement. However, you shouldn’t rely on it as your only source of income when you stop work because it’s unlikely to be enough to support more than a basic lifestyle in retirement.

We’ve included some helpful government links below to give you information on:

• How to find out what your State Pension age will be (it won't always be the same as the selected retirement age for your employer's scheme)
• How much your State Pension could be. 

If you have gaps in your National Insurance (NI) contribution record, making additional voluntary NI contributions may help you to get enough qualifying years to receive the full State Pension.

To find out more, see the Voluntary National Insurance contributions and the State Pension section on the MoneyHelper website.

When you reach your State Pension age, you can start to receive the payments from the government, or you can choose to defer it if you can afford to do so. Deferring it for a few years will increase the amount you get when you do choose to start receiving it, so could be something to consider as part of your planning.

Yes. As you start to think about your future plans you should consider whether you still intend - or can afford - to take your money when you had originally planned? 

If your selected retirement age no longer reflects your circumstances or your plans, you may want to change it. Please be aware that changing your retirement age may have an impact on how your retirement savings are invested if, for example, they are invested in a lifestyle profile.

If you still intend to take your money at your selected retirement age, you should check that it’s invested in a way that reflects how you plan to take the money from your retirement savings pot.

You can always change your selected retirement age as your future plans become clearer. You can do this by logging into your online account and completing the secure e-form.

You have a range of options when it comes to taking money from your retirement savings pot.

However you choose to take your money, you can usually take up to 25% of it as a tax-free lump sum, with the remainder being subject to tax depending on your circumstances.

Your 'lump sum allowance' (LSA) is the maximum amount of money you can take as tax-free lump sums from all the pensions you have. While you can still take out money over this allowance, you will need to pay income tax on it.

The lump sum allowance is £268,275. It will be higher if you have any protected tax-free lump sums, or a protected lifetime allowance.

Learn about accessing your pension pot

It’s worth pointing out that the options available from a scheme will vary and you may not be able to access all of the options directly from your scheme. If you cannot access all the options directly you may need to transfer your retirement savings to be able to take your money in the way that you want.

Where this is the case, you may have the option to transfer your savings to the Legal & General Mastertrust Pension Access Scheme. You can also transfer your savings in your scheme to another provider, should you prefer.

It’s important, particularly if you’re less than 10 years away from retirement, to ensure that your pension savings are invested in a way that reflects your circumstances and the way you want to take your money at your selected retirement age. To find out about the investment options available for your scheme go to your online account.

It’s important to shop around to find the option that best reflects your personal circumstances and income goals.

It’s a big decision, so it’s worth comparing what different providers can offer. You don’t have to stay with Legal & General and might get better options elsewhere.

Pension Wise is a free and impartial service backed by the government who will help you shop around and ensure that you have the information needed to make an informed decision. You can book an appointment once you are aged 50 or over.

You can also choose to receive personalised advice from a financial adviser. You can find one in your local area at unbiased.co.uk.

Legal & General also provides a personalised retirement advice service called Legal & General Financial Advice (LGFA).

Providing this is available to members of your scheme, the LGFA team can help you decide on the type of advice or guidance that might fit your needs and let you know more about fees and charges. To be able to use this service you must live in the UK.

To find out more about the help that’s available go to our LGFA website.

Advisers usually charge for their services. You may be able to pay for financial advice directly from your retirement savings pot. To find out if you can, please contact our Helpline on 0800 070 8686. Call charges will vary and the calls may be monitored or recorded.

You don’t just have to choose one option or provider. You can mix your options for each retirement savings pot, if you have more than one. You can transfer all or some of your retirement savings to another provider and have your benefits paid by them. However, you may lose your entitlement to any benefits that were protected, such as the ability to combine your defined benefit and defined contributions pots, the ability to access your pot before age 55 or take a tax-free cash sum greater than 25% of your pot. Please check this before transferring.

The law, tax rates and any allowances may change in the future. These changes could affect the value of your savings, how much you can pay in, or the age at which you’re able to access your money.

How tax works for you will depend on your individual circumstances.

Yes, but if you start to take money from a Defined Contribution pension pot, the amount you and your employer can pay in to your Defined Contribution pensions before incurring a tax charge may reduce.

This is known as the Money Purchase Annual Allowance (MPAA) and, if you trigger it, the amount that can be saved before paying tax will reduce to £10,000 a year.

The MPAA will not apply if you buy a lifetime annuity, if you only take your tax-free cash or if you take benefits from a defined benefit scheme.

This allowance may be subject to change. Our Tax Year Rates and Allowances booklet will keep you up to date on any changes. More detailed information on these allowances is also available on the HMRC website at Gov.uk

How long do you think you’ll spend in retirement?

Research carried out by the Office for National Statistics shows that people are still likely to live for longer than they might expect. In 2020, a man aged 65 years in the UK can now expect to live, on average, to 84 and a woman of the same age to 87. It’s also interesting to note that, by 2045, the average life expectancies of someone aged 65 are projected to increase to just under 87 for a man and 89 for a woman.

This means that your savings may need to last longer than you think. Use the Office for National Statistics tool to see what this might mean for you.

Our Go&Live website has been created to help you make a positive difference to your life no matter what stage you’re at; whether you’re just starting to save, preparing for retirement or working out how to use your pension pot.

You’ll find sections on:

• Financial planning - For help with budgeting, staying on top of debt, understanding income tax and finding support if you're going through redundancy.
• Approaching retirement - If you're starting to think about what you want your retirement to look like and how you're going to fund it.
• My wellbeing - For help with a range of financial and health related topics from controlling your day to day money through to the impact of stress on your mental wellbeing and finding care for a loved one.
• Tools and resources - Here you’ll find various tools including our retirement planner, budget planner and care cost calculator.

You can find out more about our free Open University courses:

• Midlife MOT which is aimed at people in their 40s and 50s who lead busy lives and who just need a bit of guidance to help them focus on their own financial and physical wellbeing.
• Retirement planning made easy which sets out a series of stepping-stones that will help you to build a sound financial plan with the aim of enabling you to have the quality of life in retirement that you aspire to.

You can also access our podcasts:

• 'A little bit richer', hosted by Kia Commodore, which offers bite-sized tips on a range of financial topics designed to help you make more informed financial decisions.
• 'Rewirement', in which Angelica Bell talks to a range of studio guests who get their questions about money and saving answered by some financial experts. Legal & General, in conjunction with the Open University, have also created a couple of free 4-hour courses designed to help you plan for later life.

We also run a number of webinars throughout the year on a variety of topics, including understanding pensions and retirement planning, which you can access from the The Learning Zone on your scheme microsite.

Depending on the type of pension you have, this may be possible.

First of all though, it’s important to consider:

• if there are any charges or penalties for transferring out of your previous pension scheme
• the level of annual management and fund management charges in both schemes and what represents the best deal for you
• investment performance and whether there are particular funds you would like to select
• whether you would lose any benefits or guarantees
• The options available for accessing your retirement savings

If you’re looking to transfer a defined benefit pension with a value of more than £30,000, you’ll need to seek financial advice. Advisers usually charge a fee for their services. You can find one in your local area by visiting unbiased.co.uk.

You can use the government’s pension tracing service at gov.uk/find-pension-contact-details to find any previous pensions that you might have lost track of.

You can also use this service to locate a pension for someone else if you have their permission.

Please note that the government service won’t tell you whether you have a pension, or what its value is. You also need the name of an employer or a pension provider to use the service.

My Future Now is a free pension transfer service that you can access, if it’s available to your scheme, through your online account. It's a simple way to combine all your pension pots in one place making it easier to plan your retirement income and potentially save on pension management charges.

All you need is the name of the pension provider and you can set up the transfer online from your laptop, tablet or mobile and there's no obligation to proceed.

My Future Now is part of Legal & General Workplace Savings.

See the ‘getting your pensions into one place’ section on your scheme website for more information, including our short ‘My Future Now’ video.

We would always recommend taking financial advice to make sure that transferring is the right thing for you. You can find an adviser in your local area at unbiased.co.uk. Financial advisers usually charge a fee for their services, but the advice will be personal to you and your circumstances.

We will only accept a transfer payment from a pension scheme that has safeguarded benefits or is invested in a With Profits Fund, if you have received financial advice that recommends you make the transfer.

Safeguarded benefits include some sort of guarantee about the rate of secure pension income that you, or your survivors, might receive. Examples include:

• Defined Benefit scheme (referred to as final salary schemes)
• Has a Guaranteed Annuity Rate
• Has a Guaranteed Minimum Pension

You may be able to transfer from a defined benefit pension scheme without advice if the value of your transfer is under £30,000. You should be aware of the risks of transferring from a defined benefit pension scheme and understand the consequences of doing so. Please contact our helpline on 0345 070 8686 for further information. Call charges will vary and we may record and monitor calls.

We also cannot accept a transfer from a plan that is in income drawdown or flexi-access drawdown. You can check if any of these apply to you on your most recent pension statement from your previous provider.