Press releases

Railways Pension Schemes Trustees appoints Legal & General to provide a flexible retirement solution to members

Railways Pension Trustee Company Limited, the Trustee of the Railways Pension Schemes (the Trustee), with the support of its administrator, RPMI Limited (RPMI), has appointed Legal & General Investment Management (LGIM) to provide members of the railways pension schemes access to a drawdown arrangement within the Legal & General WorkSave Mastertrust.

17 Jun 2021

Full press release

For the first time, the railways pension schemes will offer its defined contribution members access to a flexible retirement solution. Defined benefit members who want to use their additional voluntary contribution benefits more flexibly will also be able to use the arrangement.

The Legal & General WorkSave Mastertrust will provide members with access to a competitive, bundled drawdown arrangement, underpinned by the flagship Retirement Income Multi Asset Fund.

The new arrangement launched on 30 April 2021, and is underpinned by new online guidance content to help members understand their options.

Chris Hannon, Chair of the Trustee Board: "We know that more members are exercising pensions freedoms than ever before, and an increasing number are using drawdown arrangements. Historically, members would have been exposed to the open market where finding the right product can be difficult, and charging structures may be penal. We are delighted to offer members a retirement option which is both competitively priced and allows them to benefit from the scale and expertise of Legal and General, which is one of the most proven and trusted providers in the market."
Stuart Murphy, Co-head of Defined Contribution at LGIM: "We are pleased to help Railways Pension Scheme members access their retirement savings flexibly and give them the reassurance factor as they start to access the savings they’ve built up over their working lives."

Further information

Notes to editors

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

Institutional Retirement works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions. Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level. Legal & General is the UK’s longest-standing active bulk annuity provider.

Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. Across the group over £30 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing. Legal & General provides income and pension security to more than a million retirement customers around the world.