LifeSight partners with Octopus Money to provide personal money guidance for its members

LONDON, July 24, 2023 – LifeSight, WTW’s UK defined contribution master trust, has partnered exclusively with Octopus Money to provide one-to-one money guidance for its members.

The partnership with Octopus Money becomes the latest addition to a suite of initiatives provided by LifeSight to support members’ financial wellbeing. Octopus Money will help members to make their money go further, and make sure they’re on track for their goals, by matching them with their own dedicated coach or adviser. They’ll receive support tailored to their personal circumstances, as well as access to group webinars and other resources to support longer-term financial planning.

Given the immediate cost of living challenges being faced by people in the UK, the support will also help individual LifeSight members with issues that are currently affecting personal finances, such as rising inflation, energy costs and interest rates, and their impact on mortgages, savings and day-to-day budgeting.

Octopus Money, which has built one of the UK’s most diverse communities of financial professionals, is focused on making it easier and more affordable for everyone to get money guidance from a real person. The one-to-one support will allow LifeSight members to talk with an expert about their personal money questions; understand what wider financial conditions mean for their specific circumstances and budgets; provide options and reassurance to take the right actions; and help people plan for the future through forecasting and setting achievable goals.

Stewart Patterson, head of product strategy for LifeSight, said: “People all across the country are feeling the pressure of the rising cost of living and many are trying to work out how to manage the impact of these wider economic issues on their own personal finances, both now and in the years to come.

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LifeSight set out from the start to communicate with its members in an accessible and easy to understand way, helping members understand their retirement savings, wider finances and the options available to them.”

Stewart Patterson | head of product strategy for LifeSight UK

“The pensions industry has a big role to play in this process, but has too often tripped over itself with complicated communications and reliance on industry jargon. LifeSight set out from the start to communicate with its members in an accessible and easy to understand way, helping members understand their retirement savings, wider finances and the options available to them.”

In addition to this latest financial wellbeing initiative, LifeSight has been building a range of other personal finance resources for members.

• LifeSight makes available to members a financial education library offering assistance on a range of personal finance topics. This continues to evolve to provide information about issues such as the rising cost of living, energy costs and food inflation to help members navigate through these very challenging issues.
• LifeSight’s Vulnerable Member Policy also provides increased accessibility for vulnerable people, including those who are susceptible to harm, through specially trained colleagues who can provide help and guidance.
• The LifeSight Money app* is an open banking dashboard that allows members to connect all their current accounts, savings accounts, investments, credit cards and any other assets or liabilities, via open banking, in order to have an aggregated view of their personal finances in one place. The app also supports members with day-to-day budgeting and allows them to set nudges and targets.
• LifeSight is also able to offer ISA, Lifetime ISA and Junior ISA products to members, via Cushon, to help members reach their short, medium and long-term savings goals.

“We understand the financial pressures that people are facing at the moment and are working hard to equip our members with the knowledge and tools they need to navigate difficult times. Ultimately we want to support members to make good money decisions and we have been hard at work building our tailored financial wellbeing support in recent years to do exactly this” said Patterson.

Notes to editors

*The LifeSight Money app is available on Google Play via the App Store and is provided by Moneyhub.

About LifeSight

LifeSight is WTW’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 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.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success.