Marks & Spencer

To complement your state pension M&S has set up a private pension with Legal & General to help you save for your retirement. This website contains helpful information to help you decide if saving into this pension plan is right for you.

There are two pension levels. Everyone can be in the Foundation level but if you meet the eligibility conditions you can join the Premier level. If you do not meet the criteria to join the Premier level you can still contribute more than 3% of your pensionable salary, however the M&S contribution is capped at 6%. Please see your Member’s booklet for further information.

You can make changes to your contribution or pension level by completing the change your contributions or pension level form.

Legal & General will contact you to tell you all the options that are available to you.

Your employer  may have set your retirement age for you, for example to age 65, but you can change it to a different age. The earliest you can choose is your 55th birthday.

Your retirement age is used for illustration purposes (estimating how much you'll get when you come to take your pension savings), and is also used in conjunction with a lifestyle investment option. It is therefore important that your retirement age reflects your plans.

If at any time you'd like to change your retirement age all you need to do is get in touch with us. You can do this by emailing: yourmandspension@landg.com.

Your personal contact details should be the same as those that are on M&S records. You can change your contact details through your normal process at work or by calling M&S Colleague Services centre on 0345 304 7474.

If you no longer work for M&S and want to change your contact details please call the helpline on 0345 026 7579.

If you have been automatically enrolled you are entitled to opt out within one month of receiving your enrolment letter. Any contributions you have made will be returned to you.

Opting out is easy

To opt out immediately you can visit WorkSave Choice where you can log on using your enrolment code that was provided on your enrolment letter and follow the easy steps .

Or, if you don't have online access you can call Legal & General on 0345 026 8982 to request that an opt out form is sent to you at your home address. Call charges will vary. We may record and monitor calls.

Please note:  you aren't able to opt out over the phone as by law your decision to opt out needs your online or written confirmation. 

If you opted out online you will receive an instant confirmation that your request to opt out has been successful. 

If you opted out by completing and returning the opt out form to Legal & General, you will only receive confirmation of opting out if a pension contribution has been made.

You will either receive your contribution back from your employer or from Legal & General directly, so we recommend you check your bank statement or payslip the month after you’ve received your opt out confirmation.

Your employer is required to automatically enrol you again every three years into the workplace pension scheme if you are still eligible. You will have the right to opt out again.

If you didn’t opt out within one month of your enrolment date your savings pot will remain invested in the Plan until you choose to take your money, which can be at any time from age 55. You can continue to choose which funds to invest your savings pot in but you won’t be able to make any more contributions into it.

You also have the option to transfer the full value of your savings pot to another Registered Pension Scheme at any point before you start to draw your benefits.

The Plan provides life cover which is a valuable financial protection for your family should you die while you’re still employed by M&S and saving into the Plan. This includes:

• a lump sum of four times your pensionable salary at the date of your death (up to age 70 only), plus
• your savings pot paid as a lump sum or used to buy an income for your spouse/partner, one or more of your children or other dependants.
  
  

If you die whilst employed by M&S but not contributing to the Plan then you still receive protection for your family but at a lower level. The lump sum is based on two times your pensionable salary (up to age 70 only), instead of four times.

All death benefits are paid by the Pension Trustees, which has the advantage of avoiding any inheritance tax. The Pension Trustees will use their discretion about who to pay the benefits to but they will take your wishes into account.

To help guide them about who you would like to receive these benefits, you need to complete a Nomination of beneficiary form. You should complete a new form as and when your personal circumstances change.

Once you’ve started to take your savings, what your loved ones may receive if you die depends on the option you chose at the point you accessed your money. You can find out more about these in the section “What happens if you die after retiring?”

The Plan still provides financial protection for your family should you die after you’ve left M&S. Your savings pot will be paid as a lump sum or used to buy an income for your spouse/partner, one or more of your children or other dependants.

All death benefits are paid by the Pension Trustees, which has the advantage of avoiding any inheritance tax. The Pension Trustees will use their discretion about who to pay the benefits to but they will take your wishes into account.

To help guide them about who you would like to receive these benefits, you need to complete a Nomination of beneficiary form. You should complete a new form as and when your personal circumstances change.

Your savings pot is normally taken into account by the court when deciding on a divorce settlement or dissolution of a civil partnership. There are three ways that the court can deal with your retirement savings entitlement: 

• the value of your savings pot can be ‘offset’ against other financial assets, like the marital home, or
• part of your savings pot can be ‘earmarked’ through a court order for your ex-spouse or civil partner to receive when you retire, or
• your savings pot can be subject to a ‘pension sharing’ order, where a proportion of your pension is given to your ex-spouse or civil partner. Your savings pot is then reduced as a result.
  
  

You can contact the Plan helpline on 0345 026 7579 for more information.

You’ll stay in the Plan even if you are on maternity, paternity, adoption or dependency leave.

If you’re on paid maternity, paternity or adoption leave, your membership will continue unless you choose to leave the Plan. During your paid leave, contributions will continue to be paid at the same rate as if you were working normally. You’ll contribute at the same percentage rate that applied immediately before your leave started, based on whatever pay you receive, including Statutory pay. In other words, if you normally pay 3%, then £3 will be deducted from every £100 of pay you receive.

If you’re on dependency leave, you and M&S will continue to contribute at the same rate based on your actual pay or notional ‘full’ pay.

If you’re on unpaid leave you won’t need to contribute (and M&S will not contribute) but your membership of the Plan will continue unless you choose to leave. This means that you would still be covered for life assurance based on the pay you were receiving before your leave started.

If you decide to leave the Plan when you’re on family care leave, you’ll be able to re-join the Plan once your leave has ended. Please remember though, if you choose to opt out you’ll not be covered by the Plan’s increased life cover during your leave.

If you’re absent from work due to holiday, sickness or other authorised leave your membership of the Plan will continue. Most importantly, your life cover is maintained.

Contributions (from you and M&S) will only be paid while you’re being paid based on your actual pay. During unpaid periods, no contributions will be added to your fund. As a result, you might want to consider increasing your future contributions to make up for missed payments.

If you’re seriously ill (certified by a registered medical practitioner) you may be entitled to take retirement benefits before age 55. This will normally be allowed only if, in the opinion of the medical practitioner, you will no longer be able to work.

If your ill health is such that you have a life expectancy of less than a year, you may be able to take the value of your savings pot as a tax free cash lump sum.

If after reading the information in this website you still have any questions or comments, please call the helpline on 0345 026 7579.

If we’re unable to resolve your queries, or if there’s something you don’t agree with, there’s a formal dispute procedure you can follow. The helpline can give you all the details. Formal complaints must be made in writing.