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This site is dedicated to members of the Baxi Group Pension Scheme

Legal & General WorkSave Mastertrust

Introduction

The Trustee of the Baxi Group Pension Scheme has an agreement with Legal & General under which you can opt to transfer your Retirement Account to the Legal & General WorkSave Mastertrust when you reach retirement, to access flexi-access drawdown.

This is just an option offered by the Scheme, and it may not be right for you depending on your circumstances. Please refer to the Baxi Group Pension Scheme website if you wish to read more about options under the Scheme at www.baxipensions.co.uk.

You can view an up-to-date value of your Retirement Account as well as check out what your Retirement Account can buy you at retirement on the Pension Portal www.mybaxipension.co.uk.

Find out more information about the Legal & General WorkSave Mastertrust.

Your options at retirement in the Legal & General WorkSave Mastertrust.

If you do decide to transfer your Retirement Account to the Legal & General WorkSave Mastertrust you have a number of options once you are in:

  • Take a proportion of your Retirement Account as a tax-free lump sum at the outset. Up to 25% of your Retirement Account can be taken as tax-free cash. The remainder of your Retirement Account can then be used as follows:

    • To provide a flexible retirement income (e.g. one-off lump sums) which you can withdraw whenever you wish. These lump sums are taxable at your marginal income tax rate.
    • To purchase flexi-access drawdown (FAD) (e.g. a regular income), which is taxable at your marginal income tax rate. FAD gives you the ability to choose how and when to access your pension savings, throughout the period of your retirement.
    • To purchase an annuity (a guaranteed pension, paid regularly to you for life).
    • To leave funds invested once you have taken your tax-free cash. You could choose to purchase any of the above options at a later date with the remaining funds.

Please note that you can access these four options above without taking tax-free cash at the outset, if you do not wish to do so. 25% of each lump sum you decide to take later will be tax-free, whilst the remaining 75% will be taxable at your marginal income tax rate.

Investment options

The default investment arrangement in the Legal & General WorkSave Mastertrust is the L&G Retirement Income Multi Asset Fund (which is the underlying fund of the BGPS Retirement Income Fund). Click on this link to view the fund factsheet.

However, you have the choice to select your own funds within the Legal & General WorkSave Mastertrust too if the default arrangement is not right for you in retirement. See the Investment Guide for more details.

Further information can be found under the Document library.

 

How it works

If you wish to transfer to the Legal & General WorkSave Mastertrust at retirement, please complete the online quote request form. Following this, Legal & General issue a quotation including an application form. On receipt of the completed application form, Legal & General will contact Buck, the Scheme Administrator, and Buck will get in touch with you for the next steps.

If you wish to find out more information about the transfer process or any other options within the Baxi Group Pension Scheme, please speak to Buck using the contact details below.

 

If you have any additional questions regarding the Legal & General WorkSave Mastertrust please contact the Mastertrust Pension Access Team on 0345 070 8686. Call charges will vary, and the calls may be monitored or recorded.

 

IMPORTANT NOTE ABOUT THE LEGAL & GENERAL WORKSAVE MASTERTRUST: You should shop around to find out what's the best retirement solution for you. You have the right to transfer your Retirement Account to a provider of your choice. Whilst the Trustee has an arrangement to facilitate the transfer of benefits to the Legal & General WorkSave Mastertrust, this is simply to give members who are interested in drawdown an option to consider – it is not a recommendation or an endorsement of the Legal & General WorkSave Mastertrust. The Trustee cannot give you any advice about the choices you make at retirement. If you are interested in moving to any drawdown arrangement, including the Legal & General WorkSave Mastertrust, we strongly recommend that you take independent financial advice, to ensure that it is the most appropriate option for you. You can find a financial adviser in your area at www.unbiased.co.uk. Financial advisers charge for their services, so you may want to ask them to provide a fee estimate at the outset.

This website is for information only, and confers no rights to benefits. The Baxi Group and Newmond Pension Trustees Limited is not responsible for the content on any external websites.