About your new plan

The Trustees of a pension scheme that you were previously a member of, have asked us, Legal & General, to set up a pension plan for you called a WorkSave Mastertrust. All of the defined contribution money that was previously held in that scheme has now been transferred into this plan. This is referred to as your transfer payment.

The amount of money we received was calculated by the Trustees of your previous scheme. The value of the savings in your new plan can be found in the membership certificate we sent to you. If you have any questions about this, you should raise these with us as soon as possible.

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,
LawDeb Pension Trust Corporation PLC, and
Independent Governance Group

How does the Mastertrust work?

• Unlike your previous scheme, you cannot pay more regular contributions to your new plan. The only payments that can be made is the transfer payment from the Trustees (which we have already received)
• 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.
• You can choose how you take your money at your selected retirement age, or from the Normal Minimum Pension Age (NMPA). You can do this whether or not you’ve stopped working. The NMPA is currently age 55 but this is increasing to age 57 from 2028.

To help you understand how your pension plan works, take a look at the member guide.

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 pension plan - the annual management charge (AMC) that covers the cost of administration of your pension and the fund management charge (FMC) covering the investment management costs of the funds in which you are currently invested.

The AMC charge for BSkyB DC Pension Plan is .

Although the Trustees have decided to invest your pension pot into this plan it may not be right for everyone. If it isn’t the right thing for you, you can transfer your money out of the plan to another registered pension scheme.