LifeSight recognised in European Pensions Awards nomination
With around 70 master trusts in the UK market right now, LifeSight is delighted to announce that it has been shortlisted for the Master Trust Offering of the Year at the European Pensions Awards. To be nominated for such a prestigious accolade is a real honour for us and testament to the progress LifeSight has made since launching last year.
With the recent, and unprecedented, changes that the pensions industry has undergone over the last year and the sheer number of master trusts that have flooded the market, this nomination certainly means a lot to us.
Our nomination reflects the ways in which LifeSight strives to improve members’ retirement outcomes. In a market flooded with master trusts of different shapes and sizes, recognition like this is not only important to LifeSight but also to employers looking for a master trust they can rely on. This nomination, combined with LifeSight’s MAF and PQM ready accreditations are all important elements of external recognition – important to us and important to employers looking for reassurance.
Five characteristics of a good master trust to look out for
1. Board of experienced trustees
Having an experienced board of independent trustees means that scheme managers can benefit from their insight and members from strong governance. This helps to create confidence in the processes and enable the master trust to achieve value and high service standards for members.
2. Strong administration
Having a good standard of administration can dictate the effectiveness and success of a master trust. The administration should be a streamlined solution that has room to continually evolve around the consumer, offering them greater flexibility.
3. Good communication
A consumer engagement approach to member communications should be used to engage as many members as possible, using digital and traditional outreach. Communication is also important as it helps to make the new pension flexibilities easier to understand so members can make informed decisions. This can improve financial confidence as well as building trust and understanding for members, making the master trust more user friendly and bolstering its popularity with saver
4. Smart investment strategy
Effective investment is crucial to achieving the best outcome for DC members. This involves taking the right amount of risk at the right time. Making sure you have a smart, solution at the best possible price for the member will allow individuals to realise the long term benefits of a master trust as a result of reduced volatility and low costs.
5. Understanding of the market
Master trust schemes should have a good understanding of the market – whether through independent research, links within the industry or simply going out and speaking to members and employers. Communication material should be designed to explain and inform members on all areas of the market so they have the knowledge they need to make decisions about their retirement savings.
We are looking forward to attending the Awards ceremony tonight and celebrating where LifeSight has got to in what feels like such a short time!