DUBLIN, June 7, 2023 — The move brings around €40million in assets into the LifeSight master trust pension scheme, which only launched in Ireland last July, but has already attracted €1.5 billion in savings, and 120 employers as clients.
A master trust is a type of pension that allows multiple different employers to share the same pension structure, instead of individual pension structures being set up for each company.
This approach frees employers from many of the governance and HR burdens that are associated with running a pension scheme, and also creates economies of scale to reduce fees and to invest in key areas, like communicating with savers.
Maria Quinlan, Head of LifeSight in Ireland, said: “Circle K is a household name with a significant presence across Ireland, so we are delighted they have switched to our master trust pension. Their staff will benefit from innovative investment strategies and low and transparent fees. They can also access a leading digital platform that helps them understand their pension and the age at which they can retire. Our research shows that employees really value a good pension, and the upcoming auto-enrolment reforms will only increase awareness of the importance of saving for retirement.”
“We were impressed by LifeSight’s investment options, communications with savers, and its solid presence in Ireland.”
Áine Griallais | HR & HSE Director, Circle K Ireland
Áine Griallais, HR & HSE Director, Circle K Ireland, said: “A pension is an important part of any rewards package, and we want to do our best to help our colleagues plan for their retirement. We looked at many options and picked LifeSight because of its user-friendliness - both for us as employers and for our staff. We were impressed by LifeSight’s investment options, communications with savers, and its solid presence in Ireland.”
LifeSight has a long history in the Irish market. In addition to its master trust, it also offers a single employer trust service, which has been running for five years, and which Circle K previously used before joining the master trust. LifeSight is run by global consultants WTW, who have been providing pension solutions for Irish companies for over 15 years.
LifeSight is WTW’s master trust solution in Ireland. It is a defined contribution multi-employer pension trust for employers looking to offer their employees a high-quality, low-risk, market-competitive pension, without the governance burden.
Running a defined contribution pension scheme can be complex and costly for a lot of employers. LifeSight looks after the day-to-day running of the pension scheme, whilst a professional trustee board looks after the interests of savers.
LifeSight offers access to a leading digitalised platform, including its innovative ageOmeter tool. Combined with our proven expertise in investments and communications, LifeSight is the complete package. LifeSight is also a well-established solution in the UK.
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—and provide perspective that moves you.
Circle K Ireland, part of the global fuel and convenience store brand Circle K, is the leading fuel and convenience retailer in Ireland. With 2,300 employees, its retail network is made up of over 410 stations across the island of Ireland. Of these stations, 170 are owned by Circle K and 240 are owned by independent retail partners. The company also operates a large commercial fuels business, with over 20 depots and two owned terminals across the country.
