Introducing the CRSP workplace retirement advice service

April 3rd, 2023

Legal and General are introducing a new retirement service for Workplace members, providing independent retirement advice for members approaching, at and in retirement.

Delivered by an in-house Legal & General Financial Advice team, services will be highlighted for members at key touch points throughout their retirement planning journey.

Information will be presented to members in digital and print format and via our Member Helpline teams.

Getting financial advice can benefit members in many ways, including:

  • Future security – understanding your income needs for later in life
  • Peace of mind – knowing you have fully considered and understood the range of options available to them with the support of an expert
  • Confidence – ensuring financial decisions meet the members’ personal needs and goals
  • Investment choice – helping members choose a solution that balances their risk appetite and personal circumstances
  • Planning for the unknown – preparing and safeguarding members to help protect against unforeseen circumstances.

CRSP – Annual Benefit Statements

A new simplified annual benefit statement will be issued towards the end of April.

For more information, visit the Legal and General CRSP pages.

Benefits of staying in a pension scheme

In addition to preparing for a different stage of life there are other benefits of paying into the university pension, including:

  • Tax relief on personal contributions (subject to limitations) – for example, a £100 pension contribution for a basic rate taxpayer will only cost £80
  • You benefit from contributions from the university when you save (that’s like free money for your retirement) if you are in CRSP or the Investment Builder part of USS – as these are ‘defined contribution’ schemes
  • The money can be passed on to your loved ones, depending on the pension scheme rules, on your death
  • You have lots of flexibility in how you access the money at retirement (for most people, any time from age 57)

Furthermore, as an active member of CRSP, if you die before retiring there is a death benefit of 5.5 times your salary in addition to the money in the pension scheme.

Visit our pension pages to find more information including details of how to update your wishes in respect of death benefits payable to your loved ones. There are frequently asked questions and links to each scheme’s website.

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