Freedom Isn’t Free UK Personal Finance
Pensions
Legal & General Workplace Pension: A Plain Guide
The Legal & General workplace pension is a defined contribution scheme: you and your employer pay in and the money is invested, usually in L&G default multi-asset fund. By law the default fund charge is capped at 0.75% a year. What you get out depends on contributions, charges and investment growth, not a salary formula.
Legal & General workplace pension at a glance
| Feature | Detail |
|---|---|
| Scheme type | Defined contribution (a pot you build, not a salary-based promise) |
| Common structure | Usually the WorkSave Pension Mastertrust, overseen by The Pensions Regulator; some employers use a trust or contract-based plan |
| Default fund | Typically a multi-asset or target-date fund, for example the L&G Future World Multi-Asset Fund |
| Charge cap | 0.75% a year on the auto-enrolment default fund by law; many employer schemes negotiate lower |
| Minimum contributions | 8% of qualifying earnings (GBP 6,240 to GBP 50,270), of which at least 3% from the employer |
| Access age | 55, rising to 57 on 6 April 2028 |
| Manage it online | myaccount.landg.com or the L&G app |
| Regulation | L&G is authorised and regulated in the UK; master trusts are overseen by The Pensions Regulator |