Legal & General pension drawdown hub: published fees, investment options and features. Updated for 2026. Guidance, not advice.
Estimated yearly cost at £250,000: £625 a year (monthly income, no share deals; Platform fee only — fund charges extra).
Position on cost: Ranks 10 of 18 fully priced platforms on cost at £250,000. Legal & General against every DIY platform
| Drawdown admin fee | None Included in the yearly cost above |
|---|---|
| Regular income payments | Free |
| One-off (ad-hoc) withdrawal | Not confirmed |
| UFPLS payment | Not confirmed |
| Transfer out (exit fee) | Free |
| Minimum pot | Not confirmed |
| Cash in the pension | Not confirmed |
Fees checked 23 Sept 2026. “Not confirmed” means the charge is not published or we have not verified it; it is never counted as free.
Sources: Personal Pension Drawdown · Drawdown product summary (July 2023)
Capital at risk. Comparison information only, not advice. Confirm charges on the provider’s own pages before you act.
Platform fees: 0.25% service charge a year plus fund charge 0.14%–0.31% (four investment pathway funds; Personal Pension drawdown, not a full SIPP)
Fund charges (Ongoing Charges Figure) apply on top of platform fees and depend on your chosen investments. Use our calculator above to see the total annual cost for your specific pot size.
Eligible claims may be covered by the Financial Services Compensation Scheme (FSCS). If a SIPP operator or investment firm fails, the limit is £85,000 per person per firm; a pension provided by an insurer is normally covered in full. FSCS pension protection
Source: Legal & General legal and regulatory information, checked 23 Sept 2026.
No new verified updates this month. We only list items we can cite from an official RNS, company newsroom or official blog.
27 Oct 2026
On 27 October 2026 Legal & General said it had become the master trust provider for the Royal Mail Defined Contribution Plan. Close to 100,000 deferred members and £2.45 billion of assets had transferred into the L&G Mastertrust. It said this was the largest completed transition into a UK defined contribution master trust to date.
1 Oct 2026
On 1 October 2026 Legal & General appointed Gary Smith to its Independent Governance Committee, succeeding Daniel Godfrey, who had been a member since September 2017. The release says the committee oversees the interests of around 2.7 million members and £55 billion of assets under administration.
11 Mar 2026
Legal & General’s 11 March 2026 newsroom release reported 9% core earnings-per-share growth for 2025 and said it would begin a £1.2 billion share buyback — described as the largest in its history — alongside a full-year dividend of 21.79 pence.
Last verified: 2 Nov 2026.
Also compare: Vanguard, Interactive Investor, AJ Bell Youinvest, Hargreaves Lansdown, Fidelity Personal Investing, and all UK providers we track.
Free, impartial guidance: Pension Wise offers free appointments to people aged 50 or over with a defined contribution pension, and MoneyHelper’s investment pathways comparison tool compares drawdown providers’ ready-made options. Both are backed by the government.