Your annual pension statement is now online which you can access by logging onto Manage Your Account. If you have not already registered online, it is quite easy to do so.
Coronavirus and your Pension Savings
You’ve probably read that investment markets have been having a tough time of it as a result of the coronavirus (Covid-19) outbreak, and we have seen a significant fall in the value of shares and other investments in the first few months of 2020. On a short term basis, we would expect the value of pension savings to continue to go up and down a lot over the coming weeks.
This can be worrying; however, it is important to remember that your pension is a long-term investment, spread over many years, and that it’s normal to see the value of your savings go up and down in the short term.
If you haven’t selected a fund to invest in, and the vast majority of people in the scheme leave it to the Trustees to choose an appropriate fund, then your pot of savings is placed into what is called a Multi-Asset Fund, which invests across a wide range of different types of funds, including share and government bonds.
If you are a younger saver and you are concerned about the effect on your pension savings in the short term, please remember that there is plenty of time for your pot of money hopefully to return to previous levels and to continue to grow until you retire, although of course this cannot be guaranteed.
If you are planning to retire in the immediate future you may wish to contact Legal & General to obtain information about the options available to you.
Legal & General have a dedicated web page on Coronavirus and your pension savings which you can access here: Legal & General COVID-19
Please note - Your pension contributions, both yours and the company contribution, will continue while you are on furlough If you want to change your contributions, leave the scheme or join the scheme, you should complete the relevant form which is available in this section.