RMDCP moving from SW to L&G

[posted]

Got a brief update in the post yesterday.
The legacy RM Defined Contribution Plan that is currently administered by Scottish Widows will be moving to Legal & General Mastertrust later this year.

Scant on any detail other than it’ll happen later this year and they will write to us with Rutgers details.

I had a brief look, fees in equivalent funds seem similar.

[NWpostie]

First I've heard of this.

[posted]

Here we go

IMG_2992.jpeg

[RobertT]

First I've heard of this.

Me too, but then again I'm not in the RMDCP.

Sounds like it might be a money saving thing.

[NWpostie]

First I've heard of this.

Me too, but then again I'm not in the RMDCP.

Sounds like it might be a money saving thing.

Not surprising, my concern is when I retire hopefully in two years time my pot is still safe including my AVC which will be my lump sum.

[RobertT]

Not surprising, my concern is when I retire hopefully in two years time my pot is still safe including my AVC which will be my lump sum.

The transfer only applies to the RMDCP, with the cost saving being in the admin side of things.

There's no change to AVC's via the RMPP(Bonusplan & Flexiplan) or the new RMCPP. They're staying with Scottish Widows.

[Hyrrokkin]

Not surprising, my concern is when I retire hopefully in two years time my pot is still safe including my AVC which will be my lump sum.

The transfer only applies to the RMDCP, with the cost saving being in the admin side of things.

There's no change to AVC's via the RMPP(Bonusplan & Flexiplan) or the new RMCPP. They're staying with Scottish Widows.

For now - maybe L&G could be better

[RobertT]

Not surprising, my concern is when I retire hopefully in two years time my pot is still safe including my AVC which will be my lump sum.

The transfer only applies to the RMDCP, with the cost saving being in the admin side of things.

There's no change to AVC's via the RMPP(Bonusplan & Flexiplan) or the new RMCPP. They're staying with Scottish Widows.

For now - maybe L&G could be better

Maybe there's lots of pension providers better than SW.
It's up to the trustees of each scheme to decide who to go with.

[posted]

As long as they offer similar funds and lower fees, I’m happy with that.

[Hyrrokkin]

Not surprising, my concern is when I retire hopefully in two years time my pot is still safe including my AVC which will be my lump sum.

The transfer only applies to the RMDCP, with the cost saving being in the admin side of things.

There's no change to AVC's via the RMPP(Bonusplan & Flexiplan) or the new RMCPP. They're staying with Scottish Widows.

For now - maybe L&G could be better

Maybe there's lots of pension providers better than SW.
It's up to the trustees of each scheme to decide who to go with.

Of course - they could be better or worse

[posted]

Details coming through
https://www.legalandgeneral.com/workpla ... nouncement

Expected to switch over from around July 2026. Get on touch if you’re thinking of accessing your funds around that time otherwise you’ll have to wait until the transfer completes in August.

[yellowbelly]

Also one point that people may not have noticed - if you've chosen your own funds in the RMDCP regardless of what they are (unless it's a Shariah fund) your investments will be automatically invested in the default Lifetime Advantage Fund corresponding to your selected retirement age when the transfer takes place - unless you make different choices beforehand. You will be able to make a choice afterwards obviously.

The default investment for the new scheme is the Lifetime Advantage Fund, you can self-select another investment option within your online account or L&G app at any time.

If the default option isn’t suitable for you or if you’d like to manage your own investments, you will have access to L&G’s wide range of self-select funds. This includes options to suit individual preferences such as responsible investing and Shariah choices.

You can read more about the L&G Mastertrust range on Your new investment options page.

Please note, if you currently invest in a Shariah fund in the current scheme, when we transition across to the L&G Mastertrust, unless you tell us otherwise, L&G will move your savings to the relevant Shariah fund available to you in the new plan. If you are partially invested in a Shariah fund and another fund in the current scheme, again unless you tell us otherwise, L&G will move your allocated savings to the relevant Shariah fund and the rest of your savings will be invested in the Lifetime Advantage Fund. In you would like to make a change please use the Investment selection eform.

https://www.legalandgeneral.com/workpla ... selection/

[posted]

Also one point that people may not have noticed - if you've chosen your own funds in the RMDCP regardless of what they are (unless it's a Shariah fund) your investments will be automatically invested in the default Lifetime Advantage Fund corresponding to your selected retirement age when the transfer takes place - unless you make different choices beforehand. You will be able to make a choice afterwards obviously.

The default investment for the new scheme is the Lifetime Advantage Fund, you can self-select another investment option within your online account or L&G app at any time.

If the default option isn’t suitable for you or if you’d like to manage your own investments, you will have access to L&G’s wide range of self-select funds. This includes options to suit individual preferences such as responsible investing and Shariah choices.

You can read more about the L&G Mastertrust range on Your new investment options page.

Please note, if you currently invest in a Shariah fund in the current scheme, when we transition across to the L&G Mastertrust, unless you tell us otherwise, L&G will move your savings to the relevant Shariah fund available to you in the new plan. If you are partially invested in a Shariah fund and another fund in the current scheme, again unless you tell us otherwise, L&G will move your allocated savings to the relevant Shariah fund and the rest of your savings will be invested in the Lifetime Advantage Fund. In you would like to make a change please use the Investment selection eform.

https://www.legalandgeneral.com/workpla ... selection/

Even the switch from SW Shariah to L&G Shariah isn’t really a case of equivalents.
The SW is 100% Equity.
The LG default Shariah is also lifestyled so you’ll get a blend of equity, sukuk and other assets.
They do however offer a full equity shariah fund (under the self select option) as well as a multi asset one.

Multi asset one has only been going one year so not much to compare against.

[yellowbelly]

Also one point that people may not have noticed - if you've chosen your own funds in the RMDCP regardless of what they are (unless it's a Shariah fund) your investments will be automatically invested in the default Lifetime Advantage Fund corresponding to your selected retirement age when the transfer takes place - unless you make different choices beforehand. You will be able to make a choice afterwards obviously.

The default investment for the new scheme is the Lifetime Advantage Fund, you can self-select another investment option within your online account or L&G app at any time.

If the default option isn’t suitable for you or if you’d like to manage your own investments, you will have access to L&G’s wide range of self-select funds. This includes options to suit individual preferences such as responsible investing and Shariah choices.

You can read more about the L&G Mastertrust range on Your new investment options page.

Please note, if you currently invest in a Shariah fund in the current scheme, when we transition across to the L&G Mastertrust, unless you tell us otherwise, L&G will move your savings to the relevant Shariah fund available to you in the new plan. If you are partially invested in a Shariah fund and another fund in the current scheme, again unless you tell us otherwise, L&G will move your allocated savings to the relevant Shariah fund and the rest of your savings will be invested in the Lifetime Advantage Fund. In you would like to make a change please use the Investment selection eform.

https://www.legalandgeneral.com/workpla ... selection/

Even the switch from SW Shariah to L&G Shariah isn’t really a case of equivalents.
The SW is 100% Equity.
The LG default Shariah is also lifestyled so you’ll get a blend of equity, sukuk and other assets.
They do however offer a full equity shariah fund (under the self select option) as well as a multi asset one.

Multi asset one has only been going one year so not much to compare against.

Good spot, didn't look into it that far!

[Hyrrokkin]

Decent choice of funds or the default fund if you want that.

Wish we had that kind of choice with SW.