Welplan is owned by the Building Engineering Services Association (BESA) group of companies, and has been offering workplace pensions since 1988.
A ‘Cash Lifestyle’ strategy is the scheme’s default investment strategy, investing in a Legal & General Growth Fund through the growth phase, and derisking starts 10 years before state pension age when assets are phased across into a Moderate Growth Fund up to five years before retirement, and then gradually towards 100 per cent cash at retirement. This reflects the typical retirement age of its target segment of building and engineering workers.
Five-year returns are not available yet, but three-year statistics show its performance as reasonable for the relatively lower risk approach taken.
Two Optional Lifestyle strategies are available for those wanted to target annuity or drawdown, or members can design their own investment portfolio by selecting from a range of 13 Welplan Pensions-branded investment funds managed by LGIM.
Retiring members wanting to buy an annuity get free access to an annuity service from Mercer. Within the scheme Welplan offers a monthly payroll for members wishing to utilise UFPLS. Flexible income drawdown is currently not available, but is scheduled for 2019.
