Legal & General workplace pension review

Legal & General (L&G) runs workplace pensions under the WorkSave name, as a group personal pension, an authorised master trust or a single-employer trust. In 2026 it moved Stakeholder scheme defaults into Target Date Funds, at a 0.02% higher fund charge. Charges are agreed per scheme, so there is no published price list. This review sets out the facts; it does not rate or rank the provider.

All details were checked on L&G’s websites and GOV.UK on 6 November 2026.

Who is Legal & General?

Legal & General is a UK insurer and asset manager, and one of the largest workplace pension providers. On 1 October 2025 it said its total defined contribution (DC) assets had passed £200 billion, which it called a first for the UK pensions industry.

The same release said its workplace DC schemes support 5.7 million members and that the L&G Mastertrust had passed £30 billion of assets.

What workplace pensions does L&G offer?

L&G lists five workplace products on its employer products page.

The Mastertrust lets you offer a trust-based scheme “without the responsibility of running a trustee board”, L&G says. Each employer is treated separately inside it, so you can agree your own default option where governance is shared.

The Legal & General WorkSave Mastertrust is on the Pensions Regulator’s list of authorised master trusts. Our guide to master trust pensions explains how this differs from a group personal pension.

What changed in the default fund in 2026?

L&G replaced the default fund for its Stakeholder schemes in June 2026. It phased out the Multi-Asset Fund 5-Year 25% Cash Lifestyle Profile, and some older lifestyle profiles, and made its Target Date Fund (TDF) range the main default, according to its SME Stakeholder investment changes page.

The timeline for SME Stakeholder schemes was:

1. April 2026: L&G wrote to members, starting a 60-day notice period.
2. 1 June 2026: updated terms took effect, and new joiners went into the TDFs unless they chose a fund.
3. 9 to 15 June 2026: a blackout when contributions could not be submitted.
4. 16 June 2026: existing default holdings switched, and new contributions were redirected.
5. 19 June 2026: switches showed in Manage Your Account.

A related L&G page gives switch dates of 2 June and 6 July 2026 for other schemes in scope. L&G’s Independent Governance Committee approved the change.

The TDFs carry an additional fund management charge of 0.02% compared with the old default. Members may also pay transaction costs on the switch. L&G says TDFs should give a better retirement outcome but that this cannot be guaranteed.

L&G also offers its Future World Multi-Asset Fund for employers that want a default with an environmental, social and governance (ESG) focus. It describes its Lifetime Advantage Funds as a target date range; we could not confirm from a page that loaded which default each Mastertrust employer uses.

How much does L&G charge?

L&G does not publish a single employer price list. Charges are agreed for each scheme, and its product pages state no charges. Ask for the annual management charge in writing.

Whatever is agreed, the default fund in a scheme used for auto-enrolment cannot charge more than 0.75% a year of funds under management, under DWP charge cap rules. Transaction costs are outside the cap.

Our guide to the cheapest workplace pensions covers providers that publish their prices.

What do employers have to pay?

Your minimum contributions are set by law, not by L&G. Under auto-enrolment, at least 8% of an eligible worker’s qualifying earnings must be paid, with at least 3% from you as the employer.

Our pension contributions calculator works out the cost per employee. Our auto-enrolment guide covers your duties with the Pensions Regulator.

Which L&G option fits your business?

The right product depends on how much responsibility you want.

• If you want employees to own individual plans, the WorkSave Pension Plan is a group personal pension overseen by an IGC.
• If you want a trust-based scheme without running a trustee board, the WorkSave Pension Mastertrust fits.
• If you already have trustees and want to keep control, the WorkSave Pension Trust lets them run it.
• If you are on the Stakeholder plan, check your members were moved to the TDFs in June or July 2026 and update any staff documents naming the old default.
• If you want to compare providers, see our workplace pension providers compared and our Scottish Widows review.

How do you contact L&G?

L&G gives these contacts on its workplace pensions contact page.

• Existing members and employers: 0345 070 8686, Monday to Friday, 8.30am to 7pm, or EmployerDedicatedTeam@landg.com.
• New business: DCNewBusiness@lgim.com, or DC New Business Team, One Coleman Street, London, EC2R 5AA.

Frequently asked questions

Is the Legal & General Mastertrust authorised?

Yes. The Legal & General WorkSave Mastertrust is on the Pensions Regulator’s list of authorised master trusts, checked on 6 November 2026.

What is the Legal & General workplace pension default fund?

For Stakeholder schemes, it has been the Target Date Fund range since June 2026. Other schemes may use a different default agreed with the employer.

How much does a Legal & General workplace pension cost?

Charges are agreed per scheme and are not published. The default fund cannot charge more than 0.75% a year under the auto-enrolment charge cap.

Can new employers join the L&G Stakeholder Pension Plan?

No. L&G says it is not actively offered to new employers, though existing schemes can still enrol new members.

What is the Legal & General workplace pension phone number?

Call 0345 070 8686, Monday to Friday, 8.30am to 7pm.