Question 1

What is a master trust?

Accepted Answer

A master trust is a type of multi-employer pension plan that can be used by employers to provide defined contribution pension benefits to their employees. Each employer has a separate section within the master trust. The master trust is looked after by a board of trustees and is authorised and regulated by the Pensions Regulator.

Master trusts offer advantages to employers and their employees because by unrelated employers joining together the buying power and scale of the pension scheme is increased. This means that the cost of running the scheme is lower and the communications, investment options and support provided to members are typically better than a single employer can provide on their own.

Question 2

What is LifeSight?

Accepted Answer

LifeSight is the name of the master trust run by WTW. WTW is a global professional services company specialised in employee benefits solutions and investment services among other things. WTW’s highly experienced teams deliver pension services to some of the largest schemes in the country, including LifeSight. They work closely with the LifeSight Trustee Board. The LifeSight trustees are independent from WTW and have a duty to govern the master trust in the best interests of all members.

Question 3

Who are the LifeSight trustees?

Accepted Answer

The LifeSight trustees are individuals who have been selected to govern LifeSight in the best interests of members. They are fully independent from WTW and bring a diverse range of experience in pensions, investment management, operations, human resources and legal matters. They oversee all major decisions made in LifeSight, driven by the following four values:

Member focussed – everything they do is driven by the needs of LifeSight members
Straight talking – they cut through complexity and speak in LifeSight members’ language
Knowledgeable – they give LifeSight members tools to make informed decisions
Trustworthy – they are independent and ensure whatever is promised is delivered

You can read more about who the LifeSight trustees are here.

Question 4

What services are offered through LifeSight?

Accepted Answer

LifeSight enables you to save for your retirement through LifeSight Saving and spend your retirement savings through LifeSight Spending. Depending on your employer’s choice, you will either be offered LifeSight Saving and then subsequently LifeSight Spending, or you will just be offered LifeSight Spending.

LifeSight Saving gives you access to:

an online account to manage your savings
tools to help you understand when you may be able to afford to retire and what you need to do to achieve your retirement goals
the LifeSight app, so you can manage your LifeSight Account wherever you are
regular communications and educational material to help you focus on the important issues and guide you through any decisions you need to make
a range of investment options, including a default option selected by the LifeSight Trustee
support from our friendly and professional team whenever you need it

LifeSight Spending is a flexible income drawdown arrangement that allows you to keep your pension savings invested and withdraw income as and when you need to. Drawdown is one of the ways you can access your pension savings, along with purchasing an annuity or taking a lump sum. With LifeSight spending you can:

set up and amend your withdrawals online
manage your savings using the LifeSight app
use our online tools to help you understand when your LifeSight savings are likely to run out and how to fund your retirement using all your sources of income
choose an investment option that is suitable for how you plan to use your LifeSight savings
chat to one of our support team whenever you need help

If you haven’t been a member of LifeSight Saving, you would transfer your pension savings into LifeSight Spending from your employer’s scheme at the point when you want to start accessing them.

Question 5

How do I access more information about LifeSight?

Accepted Answer

For prospective LifeSight members: If you are aware that your employer has recently signed up to LifeSight, you can expect to receive further information from both LifeSight and your employer in the near future. Your account login details will be sent to you as part of this process, so please make sure your employer has an up-to-date email and postal address for you.

For current LifeSight members: You should have been given access to our online services via your employer. If you have since left your employer, please log in here: https://epa.towerswatson.com/accounts/lifesight/. If you are struggling to access your LifeSight Account, please follow the instructions here: https://epa.towerswatson.com/accounts/pass_reminder/.

Question 6

How much do I pay in LifeSight?

Accepted Answer

LifeSight’s scale means we’re able to run the master trust efficiently and negotiate competitive investment fees for your savings. The LifeSight Trustee also has a duty to ensure that members receive value for money in LifeSight. We aim for our fees to always be transparent and easy for our members to understand.

You’ll be able to see the charges you pay for LifeSight in your online account. If you’re not yet a LifeSight member but are due to join, you will receive information about the fees you will pay in LifeSight as part of the joining process.

Question 7

How is my LifeSight account invested?

Accepted Answer

Your LifeSight Account is invested in a range of LifeSight funds that have been designed to help you save for your retirement in a cost-effective way, aiming to provide good returns whilst not being too exposed to changes in particular investment markets, especially as you approach retirement.

Typically, members in the savings phase will be put into a default investment option selected by the Trustee. If you wish, you can select another option depending on your risk appetite and how you plan to use your savings in retirement. You can also choose from a range of self-select funds (overseen by the Trustee) if you prefer a greater level of control over your investments.

You can learn more about your investment options in your online LifeSight Account.

Question 8

How much will I get at retirement?

Accepted Answer

LifeSight can help you set a goal for retirement and work out what you need to do to achieve it. The ageOmeter tool is a simple way to find out the age at which you may be able to afford to retire. Other tools help you see how much your savings may be worth when you plan to retire. You can also add in other savings and pensions you have to build a complete picture of your retirement finances, so you can feel in full control of your future.

Retirement saving made simple, from LifeSight

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Frequently asked questions from members

Frequently asked questions from members