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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.

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Our 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. 

The Chair's Statement looks at the progress made over the last scheme year, which runs from 6 April 2023 to 5 April 2024. 

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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.

2024 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.

2024 Chair’s Statement (non-RAS)
Our assessment - at a glance

Our assessment covers the period from 6 April 2023 to 5 April 2024.

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.

Value for Members category

Description

Our assessment of the value you receive is

Default funds design and investment performance

How suitable the default fund arrangements are

Good

Investment choice

The range of investment available and their performance

Excellent

Administration

How prompt, accurate and useful the service members receive is

Excellent

Costs and charges

Any costs members pay for their pension

Excellent

Accessing your pension

The choice and ease that members have in accessing their pension savings

Good

Member engagement

How accessible and clear member communications are

Good

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.

Responsibilities of your Trustees

The Trustees of the Legal & General Mastertrust act on your behalf to make sure that your pension scheme is properly run. See how the Trustees achieve value for money.

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.