Frequently Asked Questions
for employees
(DC Section only)
You can log in to your Legal and General retirement account - you can track the value on a daily basis.
You will be automatically enrolled as a member of the DC section on commencing employment with Imperial provided you are aged 22 or over but less than State Pension Age and you earn more than £10,000 a year.
If you do not meet the criteria for automatic enrolment you can elect to opt-in to membership of the DC section. You can find an opt-in form here: Opt in form
Click the link below to view the Legal and General login and registration page.
Following your first month of membership you can increase your contributions. You can do this this though the 'Benefits' area of your Workday record.
Unless you choose otherwise your contributions will be invested in the default investment strategy selected by the Trustee - L&G Target Date Fund.
Alternatively, you could opt for the Self Select strategy and choose to invest in one or more of the investment funds available with L&G.
You can find out more about the different strategies and funds available by clicking the link below.
You can make changes to your investment choices online through your L&G Retirement Account.
This is normally possible but it will depend on the nature of your previous pension scheme. You should contact L&G if you are interested in investigating a transfer in.
Your Retirement Account will become preserved and you will no longer be able to make contributions. Your Account will remain invested with L&G until you draw benefits on retirement. You may transfer the value of your Account to another HM Revenue and Customs registered pension scheme at any time. There are no penalties on transfer - the value of your Account on the date it is closed will be your transfer value.
A lump sum equal to eight times your basic annual salary at your date of death would become payable to one or more of your beneficiaries. In addition, a lump sum equal to the closing value of your Retirement Account would be paid. You can nominate any individual or charitable organisation to receive the lump sum death benefit by completing an Expression of Wish form. If you were a former employee member of the DB section when it closed to future accrual on 30 September 2023 there may also be other benefits payable to your dependants in line with the Rules of the DB section.
You have the following options:
1) Transfer the value of your Retirement Account to an income drawdown policy.
2) Use the value of your Retirement Account to purchase an annuity.
3) Take the value of your Retirement Account as a cash lump sum (25% would be paid tax-free whilst the remaining 75% would be subject to income tax).
Under current legislation, under all three options above, you can take up to 25% of the value of your Retirement Account as a tax-free cash lump sum on retirement.
If you were a former employee member of the DB section when it closed to future accrual on 30 September 2023 you will have the option to combine your DC benefits with your DB benefits when you draw your benefits on retirement.
