EPN618 - Renaming of Legal & General Pathway Funds (Defined Contribution section - partnership and Concord only)

Audience

  • Pension leads
  • Payroll managers
  • HR managers responsible for pensions

Summary

This is to let you know that Legal & General’s Pathway Funds, the suite of target date funds launched in 2017, are being renamed. The new name is the ‘Legal & General Target Date Funds’. For example, the Legal & General PMC 2040 - 2045 Pathway Fund 3 will now become the Legal & General PMC 2040 - 2045 Target Date Fund 3.

Actions

For each new member joining the partnership or Concord schemes, you must select the correct Target Date Fund, with the correct target date range. For example, a new joiner with a Date of Birth of 14 February 2000 and a retirement age of 68 should be placed in a 2065-70 Target Date Fund.

Legal & General have a macro-enabled spreadsheet which will help support you in ensuring the correct Target Date Fund is selected for each of your new joiners. Please use this tool when populating and submitting new joiner files. It is the responsibility of the employer and/or trustees to ensure each new joiner is invested in the correct Target Date Fund.

Timing

You will start to see the new name used from late January 2021.

Detail

In February 2021, the Financial Conduct Authority will introduce regulations on a new concept called Investment Pathways. These are designed to support non-advised drawdown members as they make investment decisions after retirement. This is a completely different concept from the current L&G Pathway Funds, and so to reflect that difference and ensure clarity for members, L&G are renaming their target date funds to the L&G Target Date Funds.

The funds’ underlying investments are not affected by this name change. There will be no change to the funds’ objectives or how they are managed.

‘Target date’ is a phrase already used when explaining these suites of funds to members.

Fund factsheets will reference both the old and new naming conventions throughout 2021. From an administrative perspective, the fund codes remain the same.

For more information, please refer to the quick guide (Annex A).

If you have any other questions or need further assistance, please reach out to your usual Legal & General contact.

Contacts

If you require further assistance on the content of this EPN, please contact dc.provider@cabinetoffice.gov.uk

If you have a question about the distribution of EPNs, or would like to receive them in a different format, please contact EPN@MyCSP.co.uk.

You can find electronic copies of the Employer Pension Guide, all current EPNs and forms in the Employer section of the Civil Service Pensions website.

This notice is for employers and should not be issued to scheme members.

Members can find information about their pension by visiting the member's section.

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