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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 M&S.
  • You and M&S pay in, and the government helps out in the form of tax relief.
  • The money that you and M&S pay into your plan builds up your savings pot.
  • Your savings pot is invested in one or more of our investment options.
  • The aim of an investment option is to grow the value of your savings pot but this isn’t always guaranteed.
  • Our investment management business incorporates a responsible investing approach, considering environmental, social and governance (ESG) issues in its investment process.
  • You can decide what to do with your money, and how you take it from age 55, whether or not you’ve stopped working.

About your new plan

The Plan is part of the Legal & General Mastertrust (the Scheme). The Mastertrust is a defined contribution (or money purchase) pension scheme. It is managed by a board of Trustees who are legally bound to look after your money and put your best interests first. The current Trustees are:

Legal & General Trustees Limited,
20-20 Trustees
LawDeb Pension Trustees, and
BESTrustees Ltd

How does the Mastertrust work?

  • Typically you and your employer make contributions to your plan and you can choose to pay more regular contributions if you wish
  • Your pension savings are invested in one or more of our funds. 
  • The aim of a fund is to grow the value of your pension pot but this isn’t always guaranteed.
  • The trustees consider the impact that the companies you invest in could have on things that you might care about. For instance, many investors prefer to see their money invested in funds which are environmentally responsible or which actively encourage diversity in the workplace.
  • You can decide what to do with your money, and how you take it from age 55, whether or not you’ve stopped working. 

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

If you’d like more information on how the Mastertrust works you can visit the Mastertrust website.

Are there any charges for your new plan?

There are some charges that you pay for your Your M&S Pension Saving Plan - the annual management charge (AMC) for administration of the pension and the fund management charge (FMC).

The AMC charge for your Your M&S Pension Saving Plan is 0.05%.

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 savings 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 Manage Your Account.

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

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