WorkSave Pension Trust
Our WorkSave Pension Trust offers a flexible trust-based DC pension solution. With a range of investments and tailored servicing options it enables you, as trustee, to retain responsibility for the management of your pension scheme and be actively involved in decision making.
Our WorkSave Pension Trust also offers the option of the Future World Multi-Asset Fund for trustees if you wish to offer your employees a default arrangement that takes a positive ESG stance.
Benefits for your company
- Set of comprehensive service packages and options (please contact us to discuss your requirements)
- The option to operate a salary sacrifice arrangement
- Holistic and integrated approach to financial wellbeing for our Own Trust customers. A digital customer journey with supporting campaign materials
Benefits for your employees (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. 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
Options at retirement
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.
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.