it appears that I am not able to define custom LOD groups to be available in the editor menu.
In the overview of the UE 4.14 features it says that custom LOD groups can be set up in the BaseEngine.ini under [StaticMeshLODSettings]. However, I do not have a ‘BaseEngin.ini’ in my project directory. I DO have the [StaticMeshLODSettings] in the ‘Engine.ini’, which is stored here:
Always that much wiser after a good night’s sleep:
BaseEngine.ini is of course located in the installation directory of UE 4.14 (C:\Program Files (x86)\Epic Games\4.14\Engine\Config\ in my case) not in the project directory. I was mislead, as the overview of UE 4.14 states that LOD group pre-sets can be changed per project (This is the point I have not yet figured out, how can I make project-specific changes in the BaseEngine.ini?)
Anyways, seeing that it will not be that important for me to create new LOD group pre-sets for each project I am happy to set up one set that work for me globally in the BaseEngine.ini
@GVWorks, it seems you need to uncheck the Automatic Distance Calculation for one of your meshes, then manually enter the Screen Size for each LOD of that mesh. Then proceed as suggested by @kerem.dinler below but, you can actually select all your meshes and paste the LOD setting to multiple in one go. Which may trigger some rebuild of the meshes.