WorkSave Pension Mastertrust
Easing the pension burden on employers. Helping to deliver better futures for employees
Our Legal & General Mastertrust offers all the flexibility and benefits of a trust-based scheme but without the responsibility of running a trustee board.
It can help employers manage the long-term cost of pension provision, especially with auto-enrolment, by reducing the future liabilities attached to running their own defined contributions scheme. It can also offer a high level of scheme governance to benefit employers and employees alike.
Yet while being in a multi-employer scheme simplifies the process of managing employee benefits and keeps costs down, each participating employer is treated separately within the Mastertrust to allow for a tailored approach to individual budgets, contractual obligations and company ethos.
And our Mastertrust also offers the option of the Future World Multi-Asset Fund for employers who wish to offer their members a default arrangement that takes a positive ESG stance.
Key features of our Mastertrust for your clients:
- The flexibility to:
- accept no responsibilities of trusteeship or share governance and scheme design
- choose whether members receive tax relief on their contributions through:
- traditional net pay or
- at source
- The provision of trustee support services
- A default investment for auto-enrolment (chosen by Legal & General)
- Two alternative default investment options, including a target-dated funds
- The option of the Future World Multi-Asset Fund for employers who wish to offer their members a default arrangement that takes a positive ESG stance
- The ability to agree own default investment option where governance is shared
- The option to operate a salary sacrifice arrangement
- An alternative option for trust-based schemes which do not offer full options for members to access their retirement savings
- Access for employees to manage their accounts online through our Manage Your Account portal
Members' benefits include:
- access to a wide choice of investment options including:
- Legal & General funds such as index-trackers, Target Date Funds, actively managed funds and our innovative Future World Fund range with its positive ESG stance
- funds from specially selected external fund managers
- a facilitated adviser charging service that enables members to meet the cost of professional financial advice from their pension pots
- a range of online education materials and useful tools to help them manage their workplace pensions
- an online financial wellbeing hub which provides practical tools and regularly refreshed information to help support with budgeting and planning for key events throughout their lives
- access to the online Manage Your Account portal to view their savings, change funds and update their details in the years before they start accessing their pension pots
Mastertrust members can access their retirement savings in the following ways:
As a flexible income:
Members can use income drawdown to take regular payments and/or occasional cash lump sums. Drawdown payments are treated as taxable income.
As a cash lump sum:
Members can take some or all of their pension pot as a lump sum, with a minimum partial withdrawal amount of £2,000.
The first 25% is usually tax free with the remaining 75% treated as taxable income.
As an annuity:
Members can choose an annuity from any provider.
Transferring out:
If they wish, members can transfer their pension pot to another pension provider to access their retirement options.
Contact us
We'd like to share our experience and expertise with you. Speak to us if you would like to view a demonstration of our online solutions, or if you have any specific client projects that you would like to discuss.
Literature and forms
All the documents and literature about the WorkSave Pension Plan.
Responsible investing
Find out more about our policies and actions on responsible investing so you can share our credentials with your clients.
The L&G Target Date Funds
One of LGIM’s flagship DC strategies, providing a to-and-through retirement solution for UK DC investors.