Our WorkSave Buy Out Plan allows pension scheme Trustees to discharge their liabilities for defined contribution member benefits without the need for consent from the members.
It enables Trustees to provide members with a buy-out contract – either following the wind-up of their occupational pension scheme or for securing benefits for members with short service.
Our WorkSave Buy Out Plan 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 Buy Out Plan for your clients:
- simple set up:
- one easy-to-complete application covers all scheme members
- member details can be supplied electronically, securely online or as a hard copy
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
- a mobile app called Coll8 that can be downloaded from any app store and allows members to take control of their retirement savings on the move. Members can quickly and easily see the value of their pension, update their details, nominate beneficiaries and access pension documents.