London, 11 July 2024
LifeSight, WTW’s UK defined contribution (DC) master trust, has reached £20 billion in assets under management (AuM), consolidating its position as one of the largest commercial master trusts in the UK market.
The milestone comes as the total number of pension scheme members covered by LifeSight has climbed to over 400,000 following some very prominent schemes joining LifeSight in recent months. Its membership includes over 5,000 members in LifeSight’s specially designed post-retirement drawdown section, making it one of the largest dedicated master trust drawdown sections in the UK. LifeSight also announced last month that it was taking advantage of its scale and investment expertise to provide its DC savers with affordable access to diversified, return-seeking illiquid asset classes such as private equity within all its default funds.
Jelena Croad, Head of LifeSight UK, said:
“The continued growth of LifeSight makes it one of the largest and most successful master trusts in the UK by asset size, as a consequence of our disciplined growth strategy since launching in 2015.”
“The scale of LifeSight makes it viable to invest in new technologies, tools, and services that enhance members’ experience and understanding of their retirement savings. In addition, we have successfully been able to leverage our scale to ensure members continue to receive the best value from our high-quality investment options.”
LifeSight’s investment approach has focused on strong, sustainable returns that match its Net Zero commitment, made in 2021. That same year, LifeSight committed nearly £1bn to a new Climate Transition Index Fund as part of its default investment strategy, supporting climate transition risk within a mainstream equity portfolio.
Jelena Croad added:
“The DC pensions industry is fast moving and highly competitive and we intend to continue to evolve LifeSight and innovate the proposition to ensure our clients and their members receive the best that WTW has to offer. We have some very exciting developments in the pipeline.”
LifeSight has also led the way in consumer facing savings technology, with its user-friendly member portal, dedicated app and ageOmeter tool enabling members to easily understand and manage their retirement savings and investments. Additional tools and services help members to manage their short, medium and long-term savings goals including its exclusive partnership with Octopus Money, announced last year, enabling members to access a dedicated money coach or personal finance adviser.
Launched in 2015, LifeSight was set up with an independent Trustee board and emphasis on strong governance. This framework helped it to become the first UK master trust to achieve authorisation by the Pensions Regulator, in February 2019. Since then, LifeSight has seen strong growth in both clients and members, with its AuM doubling to £20bn in the past three years.
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.
Media Contact
Jamie Kilduff:
+44 (0)20 7170 3746
