Update to changes to the CRSP pension scheme

May 22nd, 2020

The new CRSP Master Trust scheme has now been launched by Legal and General.

Earlier this year, the Payroll & Pensions team explained about some changes to the CRSP pension scheme. Now that the new Master Trust scheme has launched, members’ monthly pension contributions, along with the University’s contributions, are being made into it.

You can log into your account with Legal & General to view the scheme and make changes, for example to amend your investment choices or to update your personal details.

If you wish to change the amount you pay into the scheme each month, then please contact the Payroll & Pensions team.

It was previously explained that your existing pension pot in the ‘old’ CRSP GPP scheme would be transferred to a provider called ReAssure. This transfer has been delayed and is not expected to take place until later in the summer.

This means that your existing pension pot is still securely held by L&G alongside, and separately to, new contributions into the Master Trust scheme. The delay of the transfer to ReAssure means that you now have the option of transferring your existing pension pot within L&G from the ‘old’ GPP scheme to the ‘new’ Master Trust scheme. L&G will be writing to members in the coming days to explain how you can do this, should you wish.

Please look out for communications from L&G by email and letter. If you choose to action this transfer now within L&G, you will avoid your pension pot transferring to ReAssure.

If you do not opt to transfer your existing pension pot into the L&G Master Trust, then your savings will move to ReAssure once the sale has been completed. Following this, you will still have the option to transfer your assets back to L&G should you wish.

For further information, please visit the CRSP website or contact the Payroll & Pension team.

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