If you wish to continue saving into a pension through your employer, then you don't have to do anything. However, you may wish to check the details we hold for you are correct. You may also want to register for our online My Account service to manage your pension pot, change investments and access our online tools.
Your employer is required by the Government to enrol you every three years if you’re still eligible and not a current member of the scheme. That’s as long as you’re between 22 and below State Pension age, and are earning over the minimum enrolment threshold (which is currently £10,000 a year).
If you're previously opted out of the scheme, taken a payment holiday or are paying in less than the minimum contributions, re-enrolment is a reminder to start or continue saving at least a minimum amount into your pension pot
Being re-enrolled does not affect your right to opt out.
You can stop contributions at any time without penalty. But, think about why you've decided to stop, as it will have an effect on your retirement income. We'll still take charges from your fund even if you stop contributing.
If you stop contributing, you may also lose your employer's contributions, which means losing out on extra money you could receive at retirement.
You can restart contributions at any time, again without penalty, however if your employer is deducting the contribution from your salary they may restrict when you can restart.
It's worth bearing in mind that saving regularly can be easy to stop but difficult to start up again. After a month or so you may not notice the contribution going from your salary, but if you decide to stop, starting again can be hard.
Generally, your employer would have enrolled you into a default fund.
You can choose to stay in the default fund or you can choose different funds from the range available to you. The funds available to you will depend on the choices your employer has made for your pension scheme and any arrangements they make with a financial adviser. You can log in to My Account at any time to check what funds are available to you. If you wish to remain enrolled and don't have an account, you can register quickly and easily.
Alternatively, you can also check the funds available to you by referring to your scheme website or speaking to your employer.
The value of your pension pot may fall as well as rise, and is not guaranteed. You should choose your funds carefully and review them regularly, particularly if you are close to retirement.
You can make changes by sending us the request in writing. Please make sure you quote your arrangement or account number on the letter.
Alternatively, if the option is available to you, you can change your details by logging in to My Account.
Please note - you may be able to choose from a range of investment funds and lifestyle profiles. You can't combine a lifestyle profile with any other fund so, if you're already invested in one and want to change your investment, you'll have to switch all of your existing pension pot and redirect any future contributions to your new fund choice. Likewise, if you'd like to start investing in a lifestyle profile, you'll have to switch all existing payments and redirect all future payments here
The value of your pension pot may fall as well as rise, and is not guaranteed. You should choose your funds carefully and review them regularly, particularly if you're close to retirement.
When you leave your existing employer you'll have some options available to you:
Although your pension with Legal & General may accept transfers, we'd always recommend you speak to a financial adviser before transferring any other pensions you have to us just to make sure that you won't lose out financially. Your other pension providers may charge you if you transfer out of their policy and there may be other benefits attached to your pension that you might forfeit if you decide to transfer it.
You can visit unbiased.co.uk to help you find a financial adviser in your local area. If you decide not to speak to a financial adviser, you can contact our Employee Support Team on 0345 070 8686 to discuss transfer options that may be open to you although they are not able to give advice on what to do. We may record and monitor calls. Call charges will vary.
When you reach State Pension age you'll receive a State Pension (and perhaps other State-funded benefits), but it's only designed to be a foundation for your retirement and it may not be enough for you. Saving for retirement is very important and you should put away as much as you can comfortably afford.
Your employer's pension is a convenient way to save, because they'll contribute too.
Visit the Legal & General Workplace website to learn more about the importance of saving for your future.
We, Legal & General, will take an annual management charge to cover the cost of running your plan. This will be a percentage of the total value of your pension pot. The amount charged will depend on your individual scheme (speak to your employer for details). Charges are calculated daily and then taken from your pension pot monthly. Depending on the type of plan you have, it could be called the Annual Management Charge (AMC) or the Basic Annual Management Charge (BAMC).
There is also a charge for the management of the fund(s) you're invested in. This covers the fund manager's costs and is taken out of the assets of the fund. Depending on the type of plan you have, this could be incorporated into your annual management charge or it could be separate.
For information about the specific charges on your plan please refer to your Key Features Document or member booklet.
Your employer is required to re-enrol you on their next enrolment date, which generally happens on a three year cycle. That's as long as you're between 22 and below State Pension age, and are earning over the minimum enrolment threshold (which is currently £10,000 a year).
You can ask to rejoin the plan at a later date. Please contact your employer for details.
You can check how your pension is doing and manage your investments online by registering for My Account.
You can find more about the online service here.
Every year we'll produce a statement for you, which will show the value of your pension pot, the contributions paid in, the funds you're invested in and any charges deducted. Your statement will be available online in My Account and we'll let you know when it's available to view.
If you want to check the value of your pension pot, or make any changes, you can also do this by calling our Employee Support Team on 0345 070 8686. We may record and monitor calls. Call charges will vary.