WorkSave Pension Trust
Our WorkSave Pension Trust offers a bundled solution for trust based defined contribution pension schemes – either existing or brand new schemes. It is structured as an insurance policy which gives Trustee(s) access to an investment and administration platform. This structure gives it a great deal of flexibility.
Your client as Trustees will be responsible for the overall running of the scheme. This means that they’ll be actively involved in the management of the scheme and you’ll be able to work with them to make key decisions such as choosing the investment strategy.
Our WorkSave Pension Trust also offers the option of the Future World Multi-Asset Fund for Trustees who wish to offer their members a default arrangement that takes a positive ESG stance.
Key features of our WorkSave Pension Trust for your clients:
- set of comprehensive service packages and options (please contact us to discuss your client’s requirements)
- the option to operate a salary sacrifice arrangement
Members' benefits (as determined by the Trustees):
- 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 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
WorkSave Pension Trust members can access their retirement savings in the following ways:
As a flexible income:
- This option is available at the Trustees discretion.
- Where the Trustees do not wish to offer drawdown within their own trust scheme, a mastertrust version may be established to run in tandem.
- 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.