Welcome to our annual report
The IGC’s role is to ensure the money in your pension is safe and being well managed and we work with Legal & General to ensure your pension offers good value for money. We're delighted to share the progress made in 2021.
We are pleased to report that our view is that members are receiving good value for money, rising to excellent in some areas.
Joanne Segars
Independent Chair of the IGC
Our assessment covers the period from 1 January 2021 to 31 December 2021:
Annual Report for year ending 31 December 2021
Charges, costs, illustrations and performance for year ending 31 December 2021
Our assessment - at a glance
In assessing ‘value for money’ we consider whether you’re getting a good deal by reviewing eight different aspects of the scheme. You can see a summary of those aspects and our scores below. You can read more about how we assess value for money and why we’ve given each score in the report, by clicking on each section title.
Value for money category
We consider:
Our assessment of the value you receive is
The suitability of the fund you are invested in if you haven’t chosen your own fund, and the range of funds available if you want to make your own fund choice.
Good
All transactional aspects of your pension’s administration, for example, setting up contributions, or the payment of your pension benefits.
Acceptable, with areas for improvement
That the costs and charges for your pension remain competitive and offer good value for money.
Excellent
That you receive clear, high-quality communications and have a range of tools available to help with your retirement planning.
Good
The choice you have in how you take your pension benefits and that you have the right tools to support you in making informed decisions.
Good
Responsible investing and how this affects the way your pension is invested.
Excellent
If the right investment choices are in place for members.
Good
Cost of living
As we publish this report, we recognise that an unprecedented set of circumstances is having a real impact on finances and that members are extremely concerned about the effects of inflation on their cost of living. Legal & General has introduced a response hub where you can find out more about some of these issues in relation to your pension savings and where to get help.
Feedback
The IGC welcomes questions or feedback from members. If you have any questions, or would like to share feedback, please contact us. Your message will come straight through to the IGC members.