EPN730 - Legal & General – Change to the Default Fund for the CSAVCS
Audience
Pension leads
Payroll managers
Any staff who submit, or who manage a shared service or payroll provider that submits, monthly data files and end-of-year information to Legal & General
Summary
The default investment fund for members of the Civil Service Additional Voluntary Contribution Scheme (CSAVCS) is changing.
From 1 May 2025, Legal & General will change the default fund from the Multi-Asset Fund to Target Date Funds.
Employers no longer need to include a Target Date Fund code on CSAVCS new joiner files.
Legal & General will contact existing CSAVCS members about the change.
There will be a blackout period from 18 June to 2 July 2025 when no contribution files can be submitted.
Timing
You should commence work immediately with your payroll provider to prepare to remove the fund code from your CSAVCS new joiner files.
Detail
In 2023, the Legal & General Mastertrust Trustees reviewed the approved default funds and decided that member outcomes could be improved by switching from the Multi-Asset Fund to Target Date Funds.
This change will affect members of the CSAVCS starting 1 May 2025.
The Partnership Pension Account and Concord Pension Account already use Target Date Funds as their default.
This decision was made by the Legal & General Mastertrust Trustees.
Legal & General will contact impacted members from 20 May 2025.
Members will have the option to opt out of the change and choose a different investment fund if they wish.
Employers do not need to enter a Target Date Fund code on the new joiner file.
If a member chooses to invest in a Sharia-compliant fund, employers should include the fund code for that option. Contributions will then go directly into that chosen fund.
