Employer WorkSave Pension Plan
Our WorkSave Pension Plan is a group personal pension with the option to offer self investment if required. The plan was designed with the collective needs of an employer's entire workforce in mind.
Benefits for your company
Key features of our WorkSave Pension Plan:
- Easy to administer and cost efficient solution
- A default investment for auto-enrolment (chosen by Legal & General)
- Two alternative default investment options, including target-dated funds
- Strong investment proposition offering access to a wide variety of funds
- The option of the Future World Multi-Asset Fund if you wish to offer your members a default arrangement that takes a positive ESG stance
- The option to operate a salary sacrifice arrangement
- Access for employees to manage their accounts online through our Manage Your Account portal
- The option of using Coll8, a mobile app that can be downloaded from any app store and allows employees to take control of their retirement savings on the move. Features include:
- the ability for you to personalise the app with your own company branding
- provide access to your scheme website, campaign resources and our financial wellbeing hub, Go&Live
- access to specific features like our ESG engagement platform, Tumelo
- the ability to integrate other aspects of your internal business applications using single sign on to create one access point for your employees to find in-house communications
Benefits to your employees include
- access to a wide range of investment options including:
- Legal & General managed funds such as multi-asset, index-trackers, target date funds, actively managed funds and our innovative Future World Fund range with its positive ESG stance
- option to invest in a wide range of assets, including shares from company share schemes, when an employer selects the self-investment option
- 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
- 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. Features include:
- the ability to connect to Manage Your Account to perform transactions, visit the scheme website and view Legal & General’s financial wellbeing hub
- a link to their company’s website to view internal communications and business information such as HR systems and employee discount schemes
- ability to take their pension plan with them if they change employer
- flexibility to consolidate existing pots or take the pension plan with them to their next employer
Options at retirement
WorkSave Pension Plan 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.
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 pension benefits
If they wish, members can transfer their pension pot to another pension provider to access their retirement options.
We would love to talk to you about your company’s pension requirements.