Chair’s Statement
Robert Waugh, Chair of the Mastertrust Trustees, reports back on how well your pension scheme has been managed during the last scheme year.
Our role is to ensure the money in your pension is safe and being well managed and we work with L&G to ensure your pension offers good value for money.
The Chair's Statement looks at the progress made over the last scheme year, which runs from 6 April 2024 to 5 April 2025.
We are pleased to report that our view is that members continue to receive good value for money, rising to excellent in some areas.
Robert Waugh
Independent Chair of the Mastertrust
There are two versions of the Mastertrust: the Legal & General WorkSave Mastertrust (RAS) and the Legal & General WorkSave Mastertrust (non-RAS). Ask your employer which one you’re in or use the guide below to help:
RAS
If your pension contributions are taken after you’ve paid tax on your earnings (your net pay), you’re in a ‘relief at source’ version of the Mastertrust.
2025 Chair’s Statement (RAS)Non-RAS
If your pension contributions are taken from your salary before you’ve paid tax, you’re in a ‘non-relief at source’ version of the Mastertrust.
2025 Chair’s Statement (non-RAS)Our assessment - at a glance
Our assessment covers the period from 6 April 2024 to 5 April 2025.
In assessing ‘value for members’ we consider whether you’re getting a good deal by reviewing six 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 members and why we’ve given each score in the full statement.
Feedback
The Mastertrust welcomes questions or feedback from members. If you have any questions, or would like to share feedback, please contact us.
About your Trustees
The Board of Trustees is made up of a range of pensions experts who work independently of Legal & General to represent your interests.
Statement of Investment Principles
The Statement of Investment Principles sets out the Trustees’ investment policy and what they hope to achieve from the investments they choose.
Implementation Statement
The Implementation Statement sets out how the Trustees believe they have followed the Statement of Investment Principles during the most recent scheme year and reflects their performance against the principles set out in it.