Haleon appoints LifeSight as master trust provider for 2,000 UK pension scheme members
Following July’s spin-off from GSK, Haleon enacted a ‘quick and seamless transition’ to LifeSight
London, 11 October 2022 – Consumer healthcare company, Haleon, which was established as a corporate spin-off from GSK in July 2022, has appointed LifeSight as defined contribution (DC) pension scheme provider for its 2,000 UK members.
Formerly part of GSK’s DC pension scheme, Haleon’s DC members became members of LifeSight in April 2022 as part of a carefully planned transition ahead of the spin-off. GSK and LifeSight worked closely together to ensure that these members had access to like-for-like services within the master trust arrangement including a replication of the investment strategy that was in place for GSK members.
To ensure continuity for the members involved, LifeSight also arranged for the transition of members’ existing assets totalling £135m as swiftly as possible, and again ahead of the corporate spin-off in July 2022.
Ketan Patel, Head of EMEA and APAC Benefits at Haleon said: “Ensuring the smooth transfer from GSK’s pension scheme, with no disruption for employees, was an important requirement during Haleon’s spin-off. All employees transferring over to the new company were to receive a like-for-like pensions structure, which LifeSight was very flexible about. GSK already had a very positive relationship with WTW, so we knew it could be trusted to deliver, but we were hugely impressed by the seamless implementation and transition that LifeSight was able to manage under challenging circumstances.”
Fiona Matthews, Head of Global Savings Solutions at WTW, said:
“We are so pleased to have successfully onboarded Haleon’s 2,000 members efficiently and to GSK and Haleon’s requirements. It was a period of significant change for their employees but Haleon was committed to providing them with peace of mind and the highest level of service for their DC pension, so we are very proud that LifeSight was selected to fulfil this role.”
Jane Platt, Chair of the LifeSight Trustee Board said:
“We are very excited to welcome Haleon and its members into LifeSight. The LifeSight Trustee is committed to providing all members with an engaging pensions experience, tailored to their specific needs, backed up by robust and independent governance. We are excited to build on the positive experience Haleon members have had so far and increase the depth and breadth of pensions information available to them.”
The addition of Haleon’s membership, along with a number of other recent client wins, means LifeSight now looks after the pensions for 275,000 members with over £13.5bn in assets under management.
Last year, as part of its ongoing commitment to sustainable investing, LifeSight committed to net zero greenhouse gas emissions across all its default funds by 2050 at the latest, with at least a 50% reduction by 2030. Its commitment to net zero covers all its defaults, which represent the vast majority of its total assets under management.