About the L&G Mastertrust > How will I pay into the L&G Mastertrust > How will my pension pot be invested? > How will I be able to use my pension pot?
About the L&G Mastertrust
The Legal & General WorkSave Mastertrust (the ‘L&G Mastertrust’) is a high-quality multi-employer pension scheme that helps nearly two million people save for their retirement.
About the L&G Mastertrust
The Legal & General WorkSave Mastertrust (the ‘L&G Mastertrust’) is a high-quality multi-employer pension scheme that helps nearly two million people save for their retirement.
The L&G Mastertrust is managed by an independent board of experienced, professional Trustees. The Trustees are pensions experts and have a duty to act in members’ best interests.
The Trustees meet regularly and have many responsibilities, including to:
- Design automatic investment options that work in members' best interests and keep these under review. The automatic (or ‘default’) investment options are for members who don’t wish to make their own decisions on how their pension pot is invested.
- Make sure that core financial transactions happen in a timely and accurate way.
- Assess the quality of the communications members receive. They look at how effective they are in helping their members to make good decisions about their pension.
- Assess whether the costs and charges members pay represent good value for money.
Administration
Legal & General, the current administrator for the DC Section and the Stakeholder Plan, are also responsible for the day-to-day administration of the L&G Mastertrust on behalf of the Trustees.
About Legal & General
Established in 1836, Legal & General (‘L&G’) is one of the UK’s leading financial services groups and a major global investor.
L&G is the largest DC pension provider in the UK and is responsible for looking after the pension pots of 5.4 million people in the UK, worth £176 billion.
The L&G Mastertrust reached £30 billion in assets under management earlier this year, becoming the first commercial mastertrust in the UK to reach this milestone.
In a nutshell, the L&G Mastertrust will offer you:
A tax-efficient way of paying in
You will continue to pay in by Smart Pension (sometimes known as ‘salary sacrifice’) by default.
Smart Pension is a tax-efficient way of paying into a pension scheme. It means that you give up the part of your pay you would otherwise have paid into your pension, and Sibelco pays that amount into your pension instead. As a result, most members pay less in National Insurance and less tax.
Find out more about how you will pay into the L&G Mastertrust.
Regular communications & helpful tools
There will be regular touchpoints, at important times on your savings journey.
L&G will help you answer important questions like ‘How much should I put into my pension?’
Plus, you’ll have access to things like L&G’s retirement planner, to help you keep on track with saving for your future.
Different ways to invest your pension pot
You will have a choice of ways to invest your pension pot.
Either through a ready-made investment option (like the L&G Lifetime Advantage Funds) or from a range of other self-select investment funds and options. The wide range of investment options will allow you to take as much control as you feel comfortable with.
Find out more about how your pension pot will be invested.
A choice of ways to use your pension pot when you come to retire
Like with the DC Section and Stakeholder Plan, you will have a range of options for how you could use your pension pot when the time is right.
Find out more about how you will be able to take your pension pot.
The same online access to your pension account that you have today
You can do a lot through your online pension account My Account (MA). And the good news is, that your login details won’t change.
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If you’re already registered, you’ll continue to log into your online account using your user ID and password.
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If you haven’t registered, it’s quick to do. Just follow these three steps:
- Visit My Account (MA).
- Complete your personal details. You’ll need your account number which is shown on any letters you’ve been sent by L&G.
- L&G will then send you an email which will contain an activation link to complete your registration.
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But if you needed to speak to someone, you’ll be able to contact the L&G administration team based in Cardiff too.
