LifeSight appointed by Direct Line Group Pension Trustee as UK master trust provider for 16,500 deferred members

London, 17May 2023

LifeSight, WTW’s UK defined contribution (DC) master trust, has today announced that it has been appointed as master trust for Direct Line Group Pension Trustee’s deferred UK DC pension scheme members. The scheme has 16,500 members with £425m in assets under management that have been transferred to LifeSight.

The Direct Line Group DC Pension Scheme contains deferred-only members, meaning members are no longer accruing retirement contributions in that scheme. LifeSight has now taken on the entire management of the scheme, including independent Trustee oversight, administration and investment management.

As part of the transition, LifeSight developed a microsite in order to help Direct Line’s Trustee communicate with members and host details of the new arrangement. LifeSight also arranged the bulk transfer of assets, with equivalent investments provided for all members, in line with members’ preferences.

Jelena Croad, Head of LifeSight UK, said:

“We are so pleased to have been appointed by the Direct Line Group Pension Trustee, and we are very proud of the work done by our team.”

“LifeSight has grown significantly in recent years, but we remain disciplined as to the frequency of new clients that we take on board, in order to maintain our very high level of service to clients and members who often have complex and highly tailored requirements.”

LifeSight now looks after the pensions for 325,000 members with approximately £14.5bn of assets secured under management.

About LifeSight

LifeSight is WTW’s master trust and defined contribution single trust solution in Ireland. Master trust is a defined contribution multi-employer pension trust for employers looking to offer their employees a high-quality, lower-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’s master trust 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.

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 organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.