Personal Pension Plan

A personal pension is a way to save for your retirement. When you’re used to a certain standard of living, the state pension alone may not be enough. That’s why it pays to start a pension as soon as you can. You can claim tax relief and if you pay basic rate tax, we’ll do all the paperwork for you. The Personal Pension Plan offers government tax relief, stock market investing and the option to take tax-free cash when you retire. 

You can get access to your money from age 55, when you can use it to provide an income for yourself and your partner, or take lump sums to help children or grandchildren. And with the new pension changes, it’s even easier to use your pension savings exactly the way you want to.

Personal Pension Plan

Personal Pension Plan

  • Tax relief can boost your savings
  • Invest in a range of funds or choose a Lifestyle profile
  • Make as many regular or ad-hoc payments as you like
  • Increase, decrease, stop and start your payments to suit your circumstances
  • Flexible ways to take your savings at retirement

The Personal Pension Plan may be right for you if you:

  • Want to invest in the stock market for the long term
  • Want to benefit from government tax relief on your savings
  • Don’t need access to your money until you’re 55 or over
  • Can make regular or ad-hoc payments
  • Want a choice of investment funds

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Self-employed Stuart wants the flexibility to make variable payments

Stuart is in his mid thirties and has just become self-employed. He had a company pension with his previous employer and wants to use the LFS Personal Pension Plan to continue saving for his retirement. He chooses this plan as it gives him the flexibility to vary his regular payments. This is useful in the early days of his business when he no longer receives a monthly wage. He also knows that if he dies before he reaches 75, his savings will be passed on to his family tax-free.

This example is for illustration only. It should not be taken as advice. None of the case studies on this site are endorsed by the Independent Governance Committee.

Plan literature

To find out more about the Personal Pension Plan please read the plan information shown here. It gives you all the detail you need to understand how the plan works and which funds you can invest in.

Key Features
Guide to Investment Funds
Guide to Investment Risk
Prospectus

Annual Long Form Report and Accounts
Interim Long Form Report and Accounts

Value Assessment

GAA Annual Report 1 January 2020 to 31 March 2021
GAA Annual Report 2019
GAA Annual Report 2018
GAA Annual Report 2017

 

Key forms

Fund Switch form
Full Pension Pot Lump Sum Instruction form
Transfer application form
Nomination of Beneficiaries form
Lifetime Allowance Calculation form
Lifetime Allowance Declaration form
Money Purchase Annual Allowance - Flexible Access Notification Statement
Receiving Scheme Declaration form
Retirement Options form Over £10K
Retirement Options form Under £10K
Small Pot Lump Sum Declaration form
Transfer out Authority and Discharge form
Verification List

 

richard.jpg

Self-employed Stuart wants the flexibility to make variable payments

Stuart is in his mid thirties and has just become self-employed. He had a company pension with his previous employer and wants to use the LFS Personal Pension Plan to continue saving for his retirement. He chooses this plan as it gives him the flexibility to vary his regular payments. This is useful in the early days of his business when he no longer receives a monthly wage. He also knows that if he dies before he reaches 75, his savings will be passed on to his family tax-free.

This example is for illustration only. It should not be taken as advice. None of the case studies on this site are endorsed by the Independent Governance Committee.

Looking after your interests

In addition to managing your pension in line with the scheme rules and regulations laid down by the government, we have also appointed an independent governance committee whose task it is to act in the interest of all scheme members.

These people act like trustees to ensure that you receive value for money from the scheme. So they look at things like charges, administration, communication and the funds we manage. They can challenge how we run our pension schemes and if any scheme is not providing value for money, they can recommend remedial action.

The independent committee meets at least four times a year and is made up of the following members:

 

Peter Maher - National Head of Employee Benefits Consultants, Tilney Smith & Williamson

Peter Maher

Professional qualifications:

Peter is a Member of the Chartered Insurance Institute (CII) and is Diploma Level 4 qualified

Areas of expertise

Employee benefits consultancy; independent trustee services.

Experience

Peter has over 30 years’ worth of experience in the employee benefits and independent trustee arena. He provides advice in connection with the design, implementation and administration of employee benefit structures and the communication of those structures to employees. In addition, Peter acts as independent trustee to occupational pension and life assurance schemes. He also has expertise in defined benefit pension scheme deficit management and the subsequent discharging of the liabilities through pension scheme wind-ups.

Naomi L’Estrange - Director, 20-20 Trustee Services Limited

Professional qualifications:

Solicitor (current practising certificate)

Qualified Executive Coach

Certificate in Advanced Business Management from Ashridge

Ms L'Estrange has 20 years' experience as a pension lawyer and a director of the Pension Protection Fund. She advised the Institute of Actuaries and many individual pension schemes and was seconded to Government to advise on Pensions Act 2004. As the PPF's Director of Strategy and Policy, Ms L'Estrange has worked with various Government departments and the EU on matters of pension policy. She is a professional trustee to a number of pension schemes of all types.

 

Sarah Farrant  (Chair) - Director, Sarah Farrant Consulting

Professional qualifications:

Fellow of the Institute of Actuaries

Ms Farrant has been a qualified actuary for over 25 years. She has been Scheme Actuary to many schemes, including a number of FTSE 100 and FTSE 250 companies and has enjoyed senior roles with national employee benefit consultancies and a ‘Big Four’ firm of Chartered Accountants.

Mark Garnett - Director, Advisory Investment Services Limited

Professional qualifications:

Associate of the Chartered Institute for Securities and Investment

Associate of the Chartered Insurance Institute

Mr Garnett provides investment management and advice for pension schemes and is former Partner of Smith & Williamson Investment Management LLP. He advises employers and boards of trustees, and regularly presents on the economy and investment markets.

 

Adam Tookey - Head of Product Management, Link Fund Solutions

Mr Tookey is responsible for the development and on-going product management of all funds operated by Link Fund Solutions Limited, including those offered through the pension plan. He has more than 20 years asset management experience, working for a number of global firms.

The Independent Governance Committee welcomes views from members so for more information or to get in contact with the committee chairman, email andrew.rackham@smithandwilliamson.com. Additionally, available for view are the committee's Terms of Reference, Conflicts of Interest Policy and Annual Report.

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Self-employed Stuart wants the flexibility to make variable payments

Stuart is in his mid thirties and has just become self-employed. He had a company pension with his previous employer and wants to use the LFS Personal Pension Plan to continue saving for his retirement. He chooses this plan as it gives him the flexibility to vary his regular payments. This is useful in the early days of his business when he no longer receives a monthly wage. He also knows that if he dies before he reaches 75, his savings will be passed on to his family tax-free.

This example is for illustration only. It should not be taken as advice. None of the case studies on this site are endorsed by the Independent Governance Committee.

How we manage the Funds

We select and review this range of funds in conjunction with our investment advisers. All the funds we invest in are subject to extensive due diligence assessments both before and after investment. Our Investment Oversight Committee regularly monitors and reviews the performance of our full fund range, to ensure each fund is meeting its investment objective.

Who are the underlying fund managers

We invest in funds run by Legal & General Investment Management

Ready to apply?

Please our "Sources of information and advice" page

Latest

Covid-19 Update

Posted 03 Jul 2020 | LFS News

Update to Link Fund Solutions Covid-19 statement

LF Money Markets Pension Fund – change of underlying investment fund and fund name

Posted 10 Jan 2019 | LFS News

The underlying investment fund into which the fund invests, the Janus Henderson Money Market Unit Trust, is closing and will be replaced by the LGIM Sterling Liquidity Plus Fund (which is managed by Legal and General Investment Management Limited). In addition, the LF Money Markets Pension Fund will be renamed “LF Cash Pension Fund”.

LF Cash Personal Pension Plan change of underlying investment fund

Posted 11 Jan 2019 | LFS News

The underlying investment fund into which the fund invests is the Janus Henderson Money Market Unit Trust. This Fund is closing on 14th January. The LGIM Sterling Lquidity Plus Fund has been identified as a replacement. This is managed by Legal and General Investment Managers Limited

JFM acquired by Capita

Posted 19 Oct 2015 | JFM News

The business process management firm Capita has acquired Vertex Mortgage Services, which includes Jessop Fund Managers (JFM), for £35 million.

‘Advisers must manage client expectations post-April’: JFM

Posted 26 Feb 2015 | Industry

The impending pension changes could raise client expectations beyond realistic levels, David Hughes, managing director of JFM, has warned. Mr Hughes, managing director of the pension investment management firm, said the reforms, which come into force on 6 April, could create fresh challenges for advisers because of client attitudes.

What does 2015 hold for advisers and the pensions market?

Posted 19 Dec 2014 | Insight

As we move into an era of greater pension freedom, the general public will have more choice and control over how they access the money they have saved for retirement. It will become more important than ever for advisers to help their clients to understand the risks associated with depleting their retirement savings too soon.

Time to prepare for ‘pension freedom’

Posted 07 Nov 2014 | Insight

I have believed for some time that greater flexibility and simplicity are needed in the pensions market. The government’s changes are certainly a step in the right direction. Savers should have the freedom to choose how to access their money.

Low-cost launch to exploit capped drawdown carve-out

Posted 07 Oct 2014 | Industry

A specialist pension asset manager has become the latest to set to exploit a carve-out in the new pensions freedoms that will allow retirees to maintain an annual allowance four times higher than under new drawdown rules if they are already in ‘capped’ drawdown prior to next April.