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

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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.

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.

Chris Hannon, Chair of the Trustee Board, says: “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, adds: “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.”

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

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