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L&G steps up pension drive with podcast

Legal & General has produced a pensions podcast to be broadcast as part of its continued drive to encourage their customers to consider contracting back into the state second pension.

The firm is writing to its clients for the third successive year to ask them to consider their options and will guide them to the podcast as part of this.

The new podcast, available on the L&G website, is an overview of the pros and cons of contracting out delivered by pensions strategy director Adrian Boulding. He highlights the fact that many people will get a higher pension if they contract back into S2P.

But L&G says remaining contracted out can enable people to take tax-free cash before they reach state pension age, while those who choose to contract in do not have this access.

Boulding says: “Last year we specifically asked our pension customers if they wished to remain contrac-ted out or if they wanted to contract back into the state second pension. Interestingly, the response was clearly in favour of our customers choosing to remain contracted out – 54 per cent opted to remain contracted out and 46 per cent opted to contract back into the state second pension.

“The important point is that we are giving our customers a choice as to whether they wish to be contrac-ted in or out of the state second pension.”

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