IGC Annual Report Summary 2025 Ceros Embed Desktop
Administration
Excellent
Member engagement
Good
Accessing your pension
Good
Investment choice
Excellent
Default investment options and their performance
Good
Default investment options and their performance
Good
We design, monitor and assess the default investment options and their performance.
Most members in a sole governance model have now moved into a Target Date Fund (TDF) or a Lifetime Advantage Fund (LAF) so we have made the TDFs and LAFs the key focus of our assessment.
The new LAFs were launched in September 2024. While many members have moved into the new LAFs, we don't yet have long enough performance to review the LAFs.
Why we gave this score: The TDFs delivered positive returns over the year, performing in line with expectations given market conditions.
With our support, L&G made changes to some of the default investment options as part of our annual review. This is with the intention to improve potential future returns while continuing to manage risk.
The new LAFs work in a similar way to the TDFs but also provide access to a wider range of investments, including the market-leading introduction of Private Market investments. We believe that the LAFs and TDFs have the potential to produce better outcomes for most members in the long term. This is after the deduction of costs and charges.
The other default investment options available within our sole governance model during the year provided good value for money.
Overall, we consider that the default investment options deliver good value for members.
Costs and charges
Excellent
Administration
Excellent
We consider how prompt, accurate and useful the service from L&G has been for members, along with the stability of service levels over time.
Why we gave this score: Over the reporting period we saw very strong service levels (99.85% against a target of 95%).
The Net Promoter Score (NPS), which measures member satisfaction and likelihood of recommending services, has further improved over the year to +54 and remained consistently strong.
The time taken to answer members’ calls significantly improved over 2024.
Independent benchmarking supported our rating, placing the Mastertrust above average compared to other pension providers, with consistent and strong performance throughout the year.
Investment choice
Excellent
We consider whether there is an appropriate range of funds available to members who prefer to choose their own investments instead of using a default investment option.
Why we gave this score: There is a broad range of funds available for members available, covering a variety of asset classes, risk appetites and options for responsible and ethical investing. Independent benchmarking supported our rating.
We review fund performance every three months, with support from our independent investment adviser, Hymans Robertson, and are comfortable with the results.
The full fund range is reviewed every three years.
Costs and charges
Excellent
We look at how costs and charges impact on the overall value L&G provides to members.
Why we gave this score: The Mastertrust continues to offer highly competitive charges for new and existing members.
Transaction costs continue to be managed efficiently.
All other charges that members (or their employer) pay are competitive compared with other pension providers, including for the new Lifetime Advantage Funds (LAFs).
Independent benchmarking demonstrated that members receive excellent value for the costs and charges that they pay, compared to other pension providers.
Accessing your pension
Good
We consider the choice and ease members have in accessing their pension savings.
Why we gave this score: Members have a wide range of cost-effective options available. This includes signposting to an advice service.
L&G has recently partnered with the charity Turn2us to help members better understand their State benefit entitlement, which is a key consideration for those with limited savings.
We are actively reviewing the options available to members as they approach retirement (alongside L&G).
L&G is committed to providing a service that meets the changing needs of members over time.
The Guided Retirement Planner, designed to help members plan for retirement across all of their pension pots, has had good engagement since it launched in 2024.
Member engagement
Good
We look at the clarity, quality, and relevance of L&G’s member communications by reviewing engagement data, feedback, and how well new tools help members manage their pension.
Why we gave this score: The Mastertrust provides a wide range of well-designed and engaging communications in a variety of media.
The new L&G App, launched in September 2024, received positive feedback from members for its improved functionality and faster self-serve access to services.
L&G is committed to maintaining this high level of service and we are satisfied that it has the right resource in place to achieve it.
We would like to see more members engaging with the L&G App and the other communications provided.
