New DC Pension Provider - Legal and General

Change of Defined Contribution (DC) Administrator

After careful consideration and a thorough review process, the Trustee has decided to move the administration of the DC section of the Fund from Aegon to Legal & General. This change means you will have access to more investment options, with lower charges.

About Legal and General

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which around 40% (circa £0.5 trillion) is international. It is the largest pension fund manager by assets in the UK. Legal & General uses its size and scale to keep improving the products and services it provides so it can support Fund members plan for better retirements.

Transition to Legal and General

If you are an employee your regular monthly contributions will be invested in the new arrangement with Legal & General from the October 2024 payroll and will initially be invested in the new default fund – the Legal & General Target Date Fund.

In November the Trustee will provide details to all members on how your existing pension savings will be transitioned from the current provider, Aegon, to your new arrangement with Legal & General. We are working with the providers to move your pension savings automatically – you do not have to do anything. This transition is planned for January 2025 and Legal & General will write to you once the transfer of your pension pot from Aegon to Legal & General is completed.

The benefits of this change include:

Access to a wider range of highly governed, competitively priced investment funds, including access to ethical and faith-based funds

The opportunity to receive guidance and financial advice at no initial cost to you, as you approach your retirement date

Access to a wide range of online tools, advice, and support, including an option to manage your savings from your mobile phone via an app

Greater access to additional flexible retirement options via the Legal & General Master Trust, enabling you to draw income flexibly over time without having to transfer your savings to another provider

Legal and General FAQ

DC Employee FAQ's

This website aims to provide a helpful summary of the provisions of the Fund and is intended for information only; it does not give rights to benefits for or in respect of you. Your rights to benefits under the Fund arise from the Trust Deed & Rules. Every effort has been made to reflect accurately the Trust Deed & Rules on this website but if there are any differences, the Trust Deed & Rules will always take precedence. Furthermore, please note that information on this website is based on current understanding of English tax and pensions law, which are subject to change at any time in the future so this site may not always accurately reflect current regulations or legislation, which would take precedence in the event of any discrepancy or claim.

Members