LONDON, August 15, 2024 – LifeSight, WTW’s UK defined contribution (DC) master trust, has been appointed by Morgan Sindall Group, the Partnerships, Fit Out and Construction Services group, to be master trust provider for its UK DC pension scheme members.
LifeSight’s remit covers the DC pensions for current and former employees from the six divisions of Morgan Sindall Group’s UK entities with a total of approximately 9,300 members and £420m in assets under management.
LCP was appointed to advise Morgan Sindall Group and ran a whole-of-market review, including a competitive tender process. LifeSight was selected following this process, in particular for its high-quality member engagement approach and closely personalised support for individual members.
Paul Marriott, Group Tax and Treasury Director, Morgan Sindall Group Plc, said: “Given our six employing entities, each with its own underlying pension structures, we were very mindful of the complexities and nuances of our pension scheme. We sought a provider that had the experience and flexibility to really tailor its offering to our needs and that’s what impressed us about LifeSight. Its careful and selective growth strategy also ensured we were given the resources to get the transition to LifeSight absolutely right. These aspects in particular contributed to a very smooth implementation process, with high levels of member engagement throughout.”
“This is a great example of where LifeSight really excels. A complex scheme structure requiring a highly bespoke approach, with an organisation that is committed to working with us to achieve high levels of member engagement.”
Jelena Croad | Head of LifeSight UK
Jelena Croad, Head of LifeSight UK, said: “This is a great example of where LifeSight really excels. A complex scheme structure requiring a highly bespoke approach, with an organisation that is committed to working with us to achieve high levels of member engagement. The Morgan Sindall team conducted an extremely thorough market review and knew exactly what they needed for their membership. We are very pleased that they recognised LifeSight’s strengths in these areas and gave us the opportunity to deliver for their pension scheme members.
The addition of Morgan Sindall’s membership, and other recently committed clients, means LifeSight has now secured £21bn in assets under management, and around 415,000 members.
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 want 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 members 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.
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.
