Frequently asked questions

Read more about looking after your pension in uncertain times. 

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 (and if applicable, the corresponding Target Date Fund) all you need to do is log in to Manage Your Account or get in touch with us.

Legal & General may, from time to time, change the way we communicate with you. We will select what we consider to be the most appropriate method of communication. This may vary depending on the type and content of the communication and may include printed and online formats.

Every year Legal & General will create a statement for you setting out how much has been paid in and what your arrangement is worth. Unless you have requested a paper statement it will be available online in Manage Your Account. Legal & General will let you know when it is available to view.

You don’t have to wait until your annual statement is available. You can request one at any time from legalandgeneral.com/manageyouraccount.

You can transfer the value of your plan to one of the other investment options offered through the Scheme or to another Registered Pension Scheme. Legal & General does not make a charge or apply a penalty if you do. However, if you transfer to another Registered Pension Scheme, this is likely to impact your options for taking your money.

Transferring out is easy

To transfer out, you’ll need to complete transfer forms. Your new provider will tell you which forms will need to be filled in.

Should you wish to discuss this further, please contact Mercer on .

When you access your pension, you can usually take up to 25% of it as a tax-free lump sum.

Your ‘Lump Sum Allowance’ (LSA) is the maximum amount of money you can take as tax-free lump sums from all the pensions you have. It will be higher if you have any protected tax-free lump sums, or a protected lifetime allowance. While you can still take out money over this allowance, you will need to pay income tax on it.

The Lump Sum and Death Benefit Allowance is £1,073,100 .

Your ‘Lump Sum and Death Benefit Allowance’ (LSDBA) is the total amount of tax-free money you can take across all the pensions you have as a:

• tax-free lump sum
• tax-free serious ill-health lump sum, paid out before you turn 75, or
• tax-free lump sum death benefit, paid out if you pass away before you turn 75.

It will be higher if you have any protected tax-free lump sums, or a protected lifetime allowance. Income tax will need to be paid on any funds paid above the LSDBA, by whoever receives the payment.