London, 4 March 2020 – Fujitsu, the IT services and solutions provider, has moved their UK defined contribution (DC) pension scheme members into the LifeSight master trust, increasing the trust’s membership by 17,000 and the assets under management by £730m.
LifeSight has taken on full responsibility for the management of Fujitsu members’ pension provision, enabling them to benefit from a range of investment strategies that target member-appropriate objectives while improving value for money for the members, providing high quality independent governance and full access to post-pension freedom decumulation options with financial advice included to support members’ in their decision making.
On the day LifeSight was launched for Fujitsu, over 30% of Fujitsu members logged into their LifeSight account to review their pension. This is significantly above the level of engagement previously achieved with these members and has continued to grow with over 40% of members now actively managing their pension online.
With this addition, alongside other recent wins being implemented, LifeSight’s total membership and AUM will be 185,000 and £7.3bn respectively.
Paula Evans, Head of Pensions & Benefits, Fujitsu UK&I said:
“Moving our members into LifeSight has enabled Fujitsu to re-launch pensions with LifeSight using its highly innovative and engaging tools, communications and online member accounts.
LifeSight’s focus on the effective use of technology to engage members at a personal level to help them through all of their pensions journey both before and after retirement really resonated with us.
The support from LifeSight throughout the transition and the high levels of member engagement created within our membership, goes to show we made the right choice in partnering with LifeSight”
“This addition of Fujitsu to the trust is another important step in the growth and development of LifeSight, and with the market fully authorised and regulated, we’re expecting more organisations to review their pension provision in the coming year”
Fiona Matthews
Managing Director, LifeSight
Fiona Matthews, Managing Director of LifeSight said:
“Fujitsu is a perfect fit for LifeSight, as their focus on innovative technology is now better reflected in the pension benefits that they are providing for their employees and members.
“This addition of Fujitsu to the trust is another important step in the growth and development of LifeSight, and with the master trust market fully authorised and regulated, we’re expecting more organisations to review their pension provision in the coming year.”
Jane Platt, Chair of the LifeSight Trustee Board said:
“We’ve worked closely with Fujitsu over a period of months to create the best member experience possible, and it’s rewarding to see that our initial communications, both online and in person, have been engaged with so widely. We will continue to work with Fujitsu as a partner along the saving and retirement journeys of their members.”
LifeSight is Willis Towers Watson’s master trust, a defined contribution multi-employer pension trust for employers who would benefit from high-quality, low-risk, market-competitive pension provision without the governance burden.
Running a defined contribution pension scheme is becoming complex and costly for a lot of employers. Governance is growing ever more onerous and schemes now have the new pension flexibilities to contend with. Companies have struggled to find a high-quality alternative that has their employees’ needs at heart. LifeSight offers the best attributes of a trust in an outsourced arrangement. Our unique solution looks after the day-to-day running of the scheme, whilst an independent trustee board looks after the interests of your members.
LifeSight gives you access to our leading-edge digitalised platform, including the award-winning ageOmeter tool, and administration services. Combined with our proven expertise in investments and communications, LifeSight is the complete package.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.
