Independent Legal & General pension review for 2026. Fees, fund options, pros, cons and who it's best for. Is Legal & General right for your retirement savings?
10 min readUpdated April 2026
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Legal & General Pension: Full Review
Legal & General is one of the UK's largest financial services companies with over £1.2 trillion in assets under management. They are a dominant force in workplace pensions and offer personal pension products focused on low-cost index tracking. L&G's pension products emphasise simplicity, value, and long-term investment discipline.
Fees and Charges
L&G's default workplace pension fund charges just 0.25% annually. Their personal pension charges vary by fund but are generally competitive, particularly for index tracker products. No platform fees apply on top for most plans.
Fund Options and Investment Choice
Range of index tracker funds covering UK, global, and emerging market equities, bonds, property, and multi-asset. Ready-made multi-index portfolios available.
Pros of Legal & General
Very low fees on index trackers
Major UK insurer with FTSE 100 listing
Simple and transparent
Strong workplace pension platform
Good default fund performance
Cons of Legal & General
Limited investment choice vs SIPPs
Basic platform features
Not for active investors
Customer service impersonal
No individual share dealing
Who Is Legal & General Best For?
L&G pensions are best for cost-conscious savers who favour passive index tracking. Excellent for those wanting low fees and simplicity without the complexity of self-directed investing.
Our verdict: Legal & General is a strong pension provider with particular strengths in very low fees on index trackers and major uk insurer with ftse 100 listing. Consider your specific needs, pot size, and investment preferences when deciding if Legal & General is right for you.
Frequently Asked Questions
L&G is excellent for low-cost index investing. Their pension charges are among the lowest available, and their default funds have performed well. However, they are not suitable for those wanting wide investment choice or share dealing capabilities.
L&G's default funds typically charge 0.25% or less. Other funds in their range may charge up to 0.75%. There are no additional platform fees on most pension products.
You can choose from L&G's fund range, which covers the main asset classes. However, the range is smaller than SIPP platforms and you cannot select funds from other providers or buy individual shares.
L&G offers drawdown options, though their personal drawdown product is more limited than specialist SIPP providers. Many L&G workplace pension members transfer to a SIPP at retirement for greater drawdown flexibility.
Contact L&G with your personal details and any policy information you have. They can search using your National Insurance number and date of birth to locate any policies in your name.
L&G is one of the UK's largest and most financially secure companies, listed on the FTSE 100. Pension funds are held separately from company assets and are protected by the FSCS.
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