Sainsbury's Self-Invested Pension Plan (SIPP)

Pension scams are becoming increasingly common. Many of these scams encourage you to take money from your pension before the legal retirement age (currently minimum age 55), but they’re often not transparent about the true cost to you. You could lose all of your pension benefits through tax, unauthorised payment fees (fees for accessing your pension before legal retirement age) and fees payable to the scam company.

If you’re contacted by a company offering you money from your pension you should:

• Never give out your personal or financial information.
• Never be rushed into agreeing to anything – don’t feel pressured.
• Contact Legal & General on 0345 302 0323

There’s lots of information here or go to: www.pensions-scams.com

You can also view our video to find out what to be aware of.

Contact Legal & General on 0345 302 0323.

Call Legal & General on 0345 302 0323, quoting your National Insurance number.

There is a beneficiary of nomination form for your pension pot in the ‘forms’ section.

Legal & General was established in 1836 and is one of the leading financial services companies in the UK. It is responsible for investing over £400 billion worldwide on behalf of investors and has over seven million customers in the UK.

L&G is one of the biggest providers of workplace benefits in the UK. They have provided pension schemes since the early 1970s and now manage over 4,000 pension schemes including some of the largest in the country.

Your Sainsbury’s Self-Invested Pension Plan (SIPP) pot is safe with Legal & General.

Legal & General Assurance Society (‘LGAS’) is covered by the Financial Services Compensation Scheme (FSCS). The FSCS is designed to pay customers compensation if they lose money because a firm is unable to pay them what they owe for any reason.

The SIPP can either contain an insured arrangement or you can choose to self-invest within the SIPP. Both types of arrangement are held within what LGAS call a Worksave Pension Plan.

In an insured arrangement the investments are held within insured funds. Money paid into an insured arrangement is invested in the scheme policy issued by LGAS.

If you have chosen to self-invest, money will be invested on your behalf in investments selected by you or by an adviser chosen by you. The security of those arrangements and the applicability of the FSCS will vary depending on the nature of the investment made. Assessment of the nature of the financial protections available to you should be made in conjunction with your financial adviser.

LGAS is covered by the FSCS which is designed to pay customers compensation if they lose money because a firm is unable to pay them what they owe for any reason. The ability to claim from the FSCS and the amount you may be entitled to will depend on the specific circumstances of the claim and how the monies are invested. If you require further details of the FSCS please go to the FSCS website at www.fscs.org.uk

Under Government rules, the earliest you can take your pension pot is at age 55. The Government has recently increased this age, so the earliest you’ll be able to take your pension will be age 57 from April 2028.

Yes, from age 55 (or 57 from April 2028). Whether you decide to take your pension early, or at your retirement age, you can continue to work for Sainsbury’s if you want to.

Pension saving isn’t risk free, but it’s an efficient tax-free way to save. There are high risk and lower risk investment funds; the investment guide has a section that looks at the relationship between risk and reward. 

You should expect to see the value of your pension fund both grow and go down a little bit at times; this is normal. The chance of losing all of what you pay into your pension pot is extremely low.

You can change your investments by using ‘Manage Your Account’ (you will be directed to an external site) or by calling Legal & General on 0345 302 0323. Have a look at the fund factsheets for more information about the full range of funds available.

Legal & General will invest your money for you in the default fund. There’s more information about this fund in the ‘Factsheets’ section and on the Legal & General website (you will be directed to an external site).

Have a look at our online retirement planner (you will be directed to an external site). The planner shows you the likely estimated income and pension pot you could get. All you need to do is enter your date of birth and your yearly pay.

The more you put into your pension pot, the more you’re likely to have in retirement.

You can check online by signing up to ‘Manage Your Account’ (you will be directed to an external site) or call Legal & General on 0345 302 0323.

You have much more flexibility than ever before in how you can take your Sainsbury’s Retirement Savings Plan benefits. You can:

• Use your pension pot to buy an income. This is called an annuity.
• Take your pension pot as cash.
• Take some of your pension as cash and use the rest to buy an income.
• Take up to 25% cash tax-free (capped at £268,275); any amount in excess of this would be taxed at your marginal rate.

Legal & General will write to you with your options near your retirement date.

You can take your pension from age 55 onwards. The younger you are when you take your pension, the less income you’re likely to get if you choose to buy an income. The Government has recently increased this age, so the earliest you’ll be able to take your pension will be age 57 from 2028.

Yes. You don’t have to give up work.