The Trustee makes a variety of investment options available to you but when you join the Scheme your contributions are automatically invested in one of the Scheme’s default Pathways. You can rely on the default Pathways, which are designed to meet the needs of most members, or you can choose your own funds from the available range.
Your pension pot buys ‘units’ in these funds. The price of the units goes up and down in line with investment performance. The aim is that the value of your pension pot will increase in the long term.
Investment options are regularly reviewed by the Trustee to check they’re performing in the way they’re expected to. You may sometimes see changes to the options that are available to you.
We’re closing the current JLP Lifecycle option and replacing it with two new default Pathways.
If you’re currently invested in the JLP Lifecycle, your pension pot will automatically be moved to one of the new Pathways. This will depend on the estimated value of your pension pot at retirement.
You’ll be moved to either:
JLP Cash Pathway, or
JLP Flexible Income Pathway
These Pathways are designed to reflect the different ways you might choose to access your pension savings at retirement. This means taking your money as cash or using it to provide a guaranteed income, or keeping your savings invested and taking an income over time.
You can find out more about the differences between the JLP Cash Pathway and the JLP Flexible Income Pathway on L&G’s FAQs page.
If you’re not sure whether you’re currently in the JLP Lifecycle, you can check in your online account or the L&G app.
Details of which Pathway your pension pot will be moved into are included in the communication that was sent to you by L&G.
If you missed it, you can call L&G on: 0345 070 4059 or email jlppensions@landg.com
The helpline is available from 8.30am – 7pm, Monday – Friday. Call charges will vary and the calls may be recorded and monitored.
More information on the Pathways will be available on this page soon.
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
