LONDON, 20 February 2019 – LifeSight has been named as the first master trust to gain authorisation following a successful application to the UK Pensions Regulator.
LifeSight was the first master trust to apply for authorisation in October 2018. Being the first to be authorised reflects LifeSight’s planning, attention to detail and foresight.
LifeSight’s governance with robust oversight and high quality systems and processes enabled it to meet the required criteria and begin the authorisation process ahead of all other master trusts.
Fiona Matthews, Managing Director of LifeSight said:
“We are thrilled to be blazing a trail for master trusts and receive this formal regulatory approval of the work LifeSight does. Being the first master trust to reach this landmark is a testament to the service we offer our members and clients, giving them the assurance that they are with the right provider. We expect that authorisation will give schemes that have been waiting and watching developments the confidence to make the switch to master trust.
We will continue to develop the LifeSight offering within this new framework, improving our credentials to existing and prospective clients, as we did last year increasing the ESG coverage in the investment strategy.”
Jane Platt, Chair of LifeSight Trustee Board said:
“High governance and oversight standards are the way we deliver a great experience and outcome to LifeSight members. LifeSight’s governance has always been led by the trustee board, independent of Willis Towers Watson. In that structure, the trustee commissions services which provide the clarity of roles and responsibility that the regulator requires, but most importantly holds all service providers to account.
We constantly challenge ourselves to set strong standards for others to meet for the benefit of 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 ging 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. For more information please visit lifesight.com
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 gth. 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.
