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Your options for taking your money

Choosing to take your money from your Plan savings is one of life’s big decisions. You’ve worked hard and paid in money over the years. You’ll want to be sure you’re making the right choice so that your future is secure, more information can be found in the Member booklet and the Arriving section on this website.

You can access your Plan savings at your Target Retirement Age, or for most any time after age 55 **, whether or not you’ve stopped working. You may be able to access them earlier than this if your original scheme had a protected retirement age, or if you’re in ill health. If you get close to your Target Retirement Age and decide you don’t want to take your money yet, you can also delay taking money from your Plan savings.

** Age 55 is the current minimum retirement age as at April 2021. This is subject to review and change by the Government at any time in the future.

Getting help to decide

It’s important you shop around to find the best option for your personal circumstances and income goals. It’s a big decision so it’s worth comparing what each provider can offer as you don’t have to stay with Legal & General and might get better options elsewhere. 

Pension Wise is a government service from MoneyHelper that offers free, impartial guidance about your defined contribution pension options. You can book an appointment once you’re aged 50 or over.

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Personalised advice

You can also choose to receive personalised advice from a financial adviser. You can find one in your local area at unbiased.co.uk.

Legal & General provides a retirement advice service. We can help you decide what type of advice or guidance might suit you best and let you know more about fees and charges. To be eligible, you must live in the UK and have a total pension pot of £20,000 or more.

For further information, please visit legalandgeneral.com/lgfa or call Legal & General Financial Advice on 0800 072 0003. We may record and monitor calls.

Advisers usually charge for their services. You may be able to pay for financial advice directly from your Plan savings. Ask your financial adviser for details.

Personalised telephone retirement advice provided by LGFA, to help you plan your retirement.

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Legal & General Mastertrust Pension Access Scheme

The Trustees have negotiated competitive terms with Legal & General Mastertrust Pension Access Scheme. This will allow you to transfer from the NatWest Group Retirement Savings Plan into the Mastertrust Pension Access Scheme and enable you to access your savings in the following ways.

Please note: This is only one option available to members. If you’re considering transferring out of the Plan into an arrangement that offers the facility to flexibly draw down your retirement savings, you should consider other products in the market and taking independent financial advice. You should take advice to ensure that this option is right for you and that the L&G product is appropriate as there are many other products on the market. You will have to transfer out of the current Plan into the Mastertrust Pension Access Scheme, to access these options.

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Ready to make a choice

Once you’re ready to take your money and you’ve decided which option (or options) you want to take, you can get in touch for all the information you need and any relevant forms.

We’re here to help if you have any final questions or you need any more information before you make your decision, just let us know.

When you are 4 months away from your chosen retirement date, we will automatically send you a ‘warm up pack’ which will give you more detail on the options available to you and what you need to do next.

Your State Pension

Find out more about the State Pension, where you can go for more information and how much you might get when you reach your State Pension age.

Investing as you approach retirement

It's important to ensure your pension pot is invested in a way that matches how you plan to take your money.

Retirement Advice

Personalised telephone retirement advice provided by LGFA, to help you plan your retirement.