FAQs

Under their policy, policyholders are required to update us with any changes to the trustee body. Most trusts update trustees by deed of appointment and removal.

• This is also a key document to satisfy money laundering regulations requirements
• Document must be dated and include scheme name
• All parties to deed are required to sign
• Signatures within the deed must be witnessed correctly (where witnessing required)
• Under English law, we cannot accept deeds witnessed by parties to the deed
• Trustees cannot be accepted as the witness signatures
• We can accept counterparts, providing we receive the entire document in counterpart
• When a principal employer acts autonomously to appoint or remove a trustee (i.e., when current / continuing trustees are not party to the deed) we require supporting evidence that the employer has the necessary authorisation to do so. An extract of the rule or clause found within the original trust deed (referencing the employers' authority to appoint or remove trustees) is typically sufficient to satisfy this requirement

Additional considerations can be discussed and confirmed with the Client Service Support team (i.e. updating trustees via board minutes) who can be contacted via: ClientServiceTeam@lgim.com

Where there may have been changes to the trustees for the scheme, please send a copy of the latest deed or board minutes to the Client Service Support team. Once this has been received, we will conduct a further review and complete the relevant updates. 

The team can be contacted via: ClientServiceTeam@lgim.com

• The deed must be dated or have a specified effective date stated
• A deed must be delivered or executed to be valid and executed in line with; the trust rules, the deeds objective, the trustees, or a common seal
• All parties to the deed are required to sign

Signatures within deed need to be witnessed correctly. Under English law, deeds witnessed by those party to the deed cannot be accepted.

Should you require any further assistance please reach out to our Client Service Support team via ClientServiceTeam@lgim.com

Yes, if the deed has been executed in advanced electronic signatures, we would require the accompanying certificate of completion to be provided alongside the document and that both documents are provided in their electronic format which means they should both contain the following signature panel feature.

This aspect of the document is how we can validate its digital authenticity.

For any deed related queries that fall outside of UK jurisdiction (i.e., Scottish law) please email our Client Service Support team as these are dealt with on a case-by-case basis.

Should you require any further assistance please reach out to our Client Service Support team via ClientServiceTeam@lgim.com

Yes. Soft complete copies (scanned or photograph) of wet-ink signed instructions and documentation; counterparts can be accepted providing we receive the entire document i.e. not just the signature pages.

Please ensure soft copies are sent through to our Client Service Support team via ClientServiceTeam@lgim.com

Where we have a continuing trustee within the deed but they are not party to the deed and the principal employer has the power to appoint and remove trustees we will require the extract of the rule / clauses that the original trust deed refers to. As the majority of trustees have not signed the deed and we require further evidence to confirm the principal employer can act in this way.

• An extract is not required when removing a trustee (that is not party to the deed)
• And where all trustees that are party to the deed have signed, we can accept this without requesting rules / clauses within the original trust deed

Where a retiring trustee is party to the deed they will be required to sign.

To evidence a scheme name change we would require:

• A correctly executed deed showing the change of name
• Evidence that the name has been updated and confirmed by HMRC such as a confirmation letter or updated screenshot for the HMRC scheme management website

A signature mandate (i.e. authorised signatory list – ASL) is requested to ensure security and control over the movement of monies under the policy. The policyholder can authorise non-trustees to instruct the company to disinvest under the policy. When appointing authorised signatories, the policyholder is required to provide the company with a cover letter and the list of specimen signatures of the authorised signatories. The policyholder is also required to inform the company when there are changes to the trustees and / or authorised signatories.

Please ensure that the cover letter includes the following information:

• The effective date
• The scheme name and policy number (MFXXXX)
• The respective disinvestment rules and limits (if any)
• A clause confirming if an existing signature mandate is being amended OR if any other signature mandates should remain in place

Additional considerations can be discussed and confirmed with the Client Service Support team ahead of signing; For example, delegations for future mandates, subsection specific rules (i.e. consultants / administrators being to update own lists). The team can be contacted via: ClientServiceTeam@lgim.com

To update the ASL we would require an updated signature list, alongside an accompanying cover letter.

Where our records reflect a trustee structure of a sole corporate trustee against the policy at least one statutory director (as listed on Companies House) should execute the cover letter.

Where our records reflect a trustee structure of individual trustees, we would require the majority to provide their authorisation (50%+1), where permitted by the scheme’s trust deed and rules or signed by all trustees.

The cover letter may be authorised in one of the following ways:

• Wet-ink signatures - soft complete copies (scanned or photograph) of wet-ink signed instructions and documentation; counterparts can be accepted providing we receive the entire document i.e. not just the signature pages
• Advanced electronic signatures (AES) - defined as an electronic signature that has met the requirements set forth under EU Regulation No 910/2014 (eIDAS-regulation); Please ensure to also provide a copy of the accompanying audit document / certificate of completion if AES is used

***Please see the attached UK signature mandate template DOC: 75KB***

Should you require any further guidance or a draft mandate to be reviewed before signing please reach out to our Client Service Support team via: ClientServiceTeam@lgim.com.

Please see attached template for your reference.

UK signature mandate template DOC:75KB

Our Client Service Support team would be happy to review a draft before it is executed. Should you need this assistance please send this to ClientServiceTeam@lgim.com.

Please send executed / draft mandates and any accompanying documentation through to the client service team for their review with your designated Client Relationship team member in copy.

The team can be contacted via: ClientServiceTeam@lgim.com.

Where there may have been changes to the trustees for the scheme. Please could we kindly request that you provide us with sight of the latest deed to evidence this. Once this has been received, we will conduct a further review of signature mandate and proceed accordingly.

Also note both documents can be reviewed and implemented alongside each other.

Please provide this to our Client Service Support team via: ClientServiceTeam@lgim.com.

A bank account change must be updated using a client specific bank account form and managed together with your Client Relationship team. Please note, a nominated bank account cannot be processed at the same time as a disinvestment instruction.

Should you wish to change your existing bank account for settlement purposes, it will take up to three business days for us to implement such change, upon receipt of a valid bank account form. Any dealing instructions received during this time may be rejected until this change is implemented under the policy. Please ensure that the details which we hold on file are up to date ahead of instructing a trade.

• Why this is required: We need to ensure that any disinvestment payments are made to a verified bank account that relates to the scheme
• We can provide a template that can be used to update the bank account details
• As we validate all bank account changes, we will complete a call-back validation with a verified client contact before any change is made
• The bank account form must have the account name, sort code and account number, or BIC and IBAN
• The bank account form must be signed by the trustees in place for the Scheme (see above comments regarding authority) or their fiduciary manager (if has requisite authority)
• The bank account form should confirm if other accounts are to remain valid
• We can accept the bank account form signed in counterpart however please ensure we receive the full form for each signed counterpart

Where there have been updates to the account, we would request a new bank account form is completed, we have attached this below for your convenience. Once this has been received by our Client Service Support team, we will conduct a further review and proceed accordingly.

Where our records reflect a trustee structure of a sole corporate trustee against the policy at least one statutory director (as listed on Companies House) should execute the cover letter.

Where our records reflect a trustee structure of individual trustees, we would require the majority to provide their authorisation (50%+1), where permitted by the scheme’s trust deed and rules or signed by all trustees.

The bank form may be authorised in one of the following ways:

• Wet-ink signatures - soft complete copies (scanned or photograph) of wet-ink signed instructions and documentation; counterparts can be accepted providing we receive the entire document i.e. not just the signature pages
• Advanced electronic signatures (AES) - defined as an electronic signature that has met the requirements set forth under EU Regulation No 910/2014 (eIDAS-regulation); Please ensure to also provide a copy of the accompanying audit document/certificate of completion if AES is used

Should you require any further guidance or a draft bank form to be reviewed before signing please reach out to our Client Service Support team via: ClientServiceTeam@lgim.com.

PMC bank account form PDF: 202KB

PMC bank account procedure notes PDF: 72KB

PMC bank account form PDF:202KB

***Please see the attached PMC bank account procedure notes***

Please send executed / draft mandates and any accompanying documentation through to the Client Service Support team for their review with your designated Client Relationship team member in copy.

The team can be contacted via: ClientServiceTeam@lgim.com.

Where there may have been changes to the trustees for the scheme. Please could we kindly request that you provide us with sight of the latest deed to evidence this. Once this has been received, we will conduct a further review of bank form and proceed accordingly.

Also note both documents can be reviewed and implemented alongside each other.

Please provide this to our Client Service Support team via: ClientServiceTeam@lgim.com.

No. We will only accept instructions or requests to make a payment to a nominated bank account that you have set up during the onboarding or as part of the mandate change process. Any instructions submitted to us that contains a request to make payment to a third-party bank account; or to an account that is not a nominated bank account under the policy, will be rejected and will not be processed.

A nominated bank account must be in the name of the policyholder or where a custodian / administrator account be clearly intended for the policyholder.

Cash transfers to third parties will only be permitted where they take place in conjunction with an in-specie transfer of physical stock or bonds in order to complete scheduled transfer or transition activity.

Where there has been a request for a third-party for scheme information or there has been changes to either the Investment Consultant, Administrator or Auditor.

We would require the relevant letter of authority to evidence these changes.

Whilst we are unable to share a template for letters of authority we can confirm the letter should be authorised by the majority of trustees (50%+1), where permitted by the scheme’s trust deed and rules or signed by all trustees.

When a corporate trustee is providing their authorisation at least one statutory director (as listed on Companies House) is required to sign on their behalf. 

The letter should include the following: 

• The policyholder name (scheme name)
• Policy number
• In what capacity they are acting

As soon as we receive the letter, we will update our records and proceed accordingly.

Please ensure that the letter is executed in either of the following ways –

1. Wet-ink signatures - soft complete copies (scanned or photograph) of wet-ink signed instructions and documentation; counterparts can be accepted providing we receive the entire document i.e. not just the signature pages
2. Advanced electronic signatures (AES) - defined as an electronic signature that has met the requirements set forth under EU Regulation No 910/2014 (eIDAS-regulation); Please ensure to provide a copy of the accompanying audit document / certificate of completion

Where applicable please kindly provide us with contact details for who should be set up to receive regular information updates for the scheme, such as valuations, contract notes, quarterly investment reports and LDI rebalancing notifications on behalf of the third party? Once we have received this, we will be able to update our records accordingly.

Where there may have been changes to the trustees for the scheme. Please could we kindly request that you provide us with sight of the latest deed to evidence this. Once this has been received, we will conduct a further review of letter of authority and proceed accordingly.

Also note both documents can be reviewed and implemented alongside each other.

Please provide this to our Client Service Support team via: ClientServiceTeam@lgim.com.

Please send executed/draft mandates and any accompanying documentation through to the Client Service Support team for their review with your designated Client Relationship team member in copy.

The team can be contacted via: ClientServiceTeam@lgim.com.

In most cases, no, because they usually serve different purposes. A signature mandate is about authority to sign documents on behalf of the trustees, whereas a letter of authority is usually about consent from the trustees for PMC to share information about the policy with third parties.  

Individual trustees: Where a scheme has individual trustees documentation must be signed by the majority of trustees (more than 50%), where permitted by the scheme’s trust deed and rules or signed by all trustees. Where there are two individual trustees in place both are required to provide their execution.

Example: six individual trustees, we would require four to sign. 

Corporate trustees: Where a corporate trustee is in place for the scheme, we would require at least one statutory director on behalf of the corporate trustee (as listed on Companies House) to provide their authorisation.

• Where a scheme is managed by both individual trustee(s) and corporate trustee(s), we would require the majority of trustees (more than 50%) to sign and the corporate trustee(s)’s execution would count as one towards the majority. The corporate trustee(s) must sign in line with the requirements set out above
• Where there is a power of attorney or similar delegation of authority in place, please kindly provide the relevant documentation evidencing this delegation to our Client Service Support team on ClientServiceTeam@lgim.com where they will be able to review this

We can accept manual dealing instructions and policy documentation authorised in one of the following ways:

1. Wet-ink signatures - soft complete copies (scanned or photograph) of wet-ink signed instructions and documentation; counterparts can be accepted providing we receive the entire document i.e. not just the signature pages
2. Advanced electronic signatures (AES) - defined as an electronic signature that has met the requirements set forth under the Electronic Identification and Trust Services for Electronic Transactions (amendment etc.) (EU Exit) Regulations 2019 (SI 2019/89) (the regulations)

No.

Advanced electronic signature systems are controlled and audited web-based platforms that enable documents to be executed digitally via an advanced electronic signature. They are used by many of our counterparts in the market and provide appropriate legal protection when signing legal documents electronically. These easy-to-use and secure systems allow individuals and companies to execute documents that require a legally-defensible signature and are well suited to our evolving working environment. We are now able to accept instructions and documents executed by means of AES through, for example, Adobe Sign or DocuSign systems.

Advance electronic signatures 2023 PDF: 164KB

LGIM currently has experience of the following AES providers:

• DocuSign
• Adobe Sign
• EchoSign (part of Adobe Sign)
• Signing Hub
• OneSpan
• Nitro Sign

Should you require any further guidance on documentation executed in advanced electronic signatures please reach out to our Client Service Support team via: ClientServiceTeam@lgim.com. We have dedicated team to review any additional platforms.

To update contact information for clients, administrators, consultants or auditors and any other contacts related to a scheme, please email contactupdates@lgim.com. 

Contact updates form DOC: 40KB

LGIM Connect is a secure online portal which enables pooled pension scheme clients in the UK and Ireland to access investment information online. Clients can also give permission for their investment consultants and administrators to access the portal. LGIM Connect has been designed to be easy to navigate, so you can find the data and documents you need quickly and as soon as they are available. The portal can be accessed via this link: https://www.lgimconnect.com/ 

Please note under the support tab, knowledge section - operational documents you can access documents including our description of funds, operational procedures, key features and guide to AES.

Our Contact Updates team (contactupdates@lgim.com ) can assist in providing access as well as support to LGIM Connect.

Any pooled weekly dealing instructions must be sent to pmc.investment.monies@lgim.com, and any pooled daily dealing instructions should be sent to dailydealingadmin@lgim.com.

Any pooled unit trust instructions must be sent to RetailSupport@lgim.com, and any segregated dealing instructions must be sent to COMSegregatedClientOrders@lgim.com, with the relationship team in copy.

To the fullest extent permitted by law, Legal & General accepts no liability to you for any losses resulting from dealing instructions for which implementation is not actioned or is delayed as a result of Legal & General not receiving instructions to the above email addresses.

For any trade related-queries please contact our dealing team directly at 0203 124 3126.

Dealing forms PDF: 385KB

Redemptions

Time taken for cash to settle in nominated bank account following disinvestment instruction:

If there are two settlements as part of a redemption (i.e. gilts and equities), monies will settle on the latest settlement date. Please be aware that final disinvestments or a 100% disinvestment from a fund (i.e. instructions which result in account closure) settle on DD+3. Please note that the Sterling Liquidity Plus Fund settles DD+2.

Subscriptions

We require cash to settle in our bank account by 6pm on the dealing day in order to make a subscription.

Fund data and information such as factsheets and ESG reports can now be found on our Fund Centre website. The UK institutional version can be seen here: www.lgim.com/uk/en/fund-centre.

We can accept investment and switch instructions unsigned providing that: (i) the trustees are comfortable with this approach; and (ii) instructions are sent to the correct email address as noted on the operational procedures/dealing instruction form.

Please note that disinvestments must be signed in accordance with the authorised signatory list.

Yes.

Dealing form PDF: 385KB

Yes, by way of providing an amended dealing instruction, signed in line with the signatory mandate, provided this is received by PMC before the appropriate dealing cut off.

• If you currently have a benchmark letter in place and want to alter or suspend this, please contact your LGIM Client Relationship contact. Please note that to alter the benchmark, an updated benchmark letter is required four business days ahead of a dealing day. To suspend the benchmark, a benchmark suspension letter is required by 12:00pm two days ahead of the dealing day for weekly priced funds and by COB the day before the dealing day for daily priced funds. Both letters require trustee signatures
• When a benchmark letter is in place, we cannot accept trading instructions that contradict the rules within the letter. If you submit an instruction that contradicts the letter, it will be rejected and shall not be processed. Dealing instructions are only accepted where the benchmark box is ticked on the dealing form

Setting up STP is done on a case by case basis. Please contact your LGIM relationship contact if you would like to learn more about this service or set this up for your scheme.

• NIS allows clients to draw a regular notional income from selected PF sections by surrendering units at the mid-price .NIS can be either distributed directly to a policyholder’s nominated bank account or switched across to a liquidity fund held under the policy (i.e. the Cash Fund or Sterling Liquidity Fund). NIS is only currently available to GBP PMC policyholders on selected PF sections
• The cut off for receiving an NIS letter is DD-4

Pension fund clients who invest in PMC’s pooled fund policy are allocated notional units in the pooled investment funds they select, and those unit values are directly linked to value of the underlying assets in the relevant funds. Accordingly, the pooled fund clients bear the economic investment risk of the relevant underlying assets in the pooled funds, even though PMC legally and beneficially owns them. As beneficial owner, PMC is the contracting party to its custodial arrangements in respect of the pooled fund assets.

PMC has appointed Citibank, N.A. (London Branch) (the ‘PMC custodian’) as independent custodian in respect of its own assets, including the pooled pension fund assets.

The PMC custodian is authorised by the Prudential Regulation Authority ('PRA') and regulated by the Financial Conduct Authority (‘FCA’) and the Prudential Regulation Authority. Citibank, N.A. is registered with number 124704.

The registered details of the PMC custodian at Companies House England & Wales is:

Citibank, N.A
Citigroup Centre
Canada Square
Canary Wharf
E14 5IB

Company No. FC001835
UK Branch No. BR001018

All of PMC’s directly held assets (other than real estate) are held in custody with Citibank, N.A. Directly held real estate is not usually held in safekeeping by a custodian, in line with market practice.