IRELAND, August 11, 2023 - The strong demand in Ireland for LifeSight has been driven by growing interest in finding the most efficient and effective options to meet new EU standards about pension transparency and governance. Employers now also need to prepare for new auto-enrolment requirements due to be in place from early 2024.
LifeSight’s master trust is an innovative 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 removes many of the governance and HR burdens on employers 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.
“We are thrilled that LifeSight’s success and growth has taken us to this key milestone…”
Maria Quinlan | Head of LifeSight in Ireland
Maria Quinlan, Head of LifeSight in Ireland, said: “We are thrilled that LifeSight’s success and growth has taken us to this key milestone, and we look forward to helping many more people save for their retirement. Employers are preparing for big reforms around pensions, with the expected arrival of auto-enrolment early next year, and they recognise that their staff really value a good pension.
“Many are choosing to join a master trust or to transition into one from their current pension approach. This is a critical time for the Irish pensions market, and we expect master trusts to become the dominant form of pension provision in the private sector.
“Master trusts are proving popular because size and scale are big advantages when it comes to running a high-quality pension. They enable investment in consumer-focused technology platforms, as well as better communications, governance, and investment strategies. At LifeSight we ensure we are independent from individual investment managers and our pricing is fully transparent.”
LifeSight is run by global consultants WTW, who have been providing pension solutions to Irish companies for over 15 years.
From January 1st, 2024 it is proposed that employers in Ireland will be required to automatically enrol their employees into a pension scheme for the first time. This will require employers to ensure that their payroll systems are ready. They will need to make ongoing checks on which members of their workforce are eligible and arrange requests to opt out or suspend contributions. Employers will also need to establish whether their existing pension scheme meets the qualifying criteria for auto-enrolment.
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. Learn more at LifeSight
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.
