FAQ

Member FAQ

What is a Master Trust?

A Master Trust is a type of occupational pension arrangement that can be used by employers to provide Defined Contribution (DC) pension benefits to their employees. 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 quality of the communications and modelling tools are typically better than an employer can provide on their own.

What services are offered through LifeSight?

LifeSight Saving: Enables you to save for your retirement and, if you wish, access your savings through our Flexible Income Drawdown arrangement (LifeSight Spending). As a member of LifeSight in the Savings phase, you will have access to a range of online tools to help you understand when you may be able to afford to retire based on your current and anticipated savings in your LifeSight Account and any additional sources of savings you plan to use for your retirement that you enter online.

LifeSight Spending: LifeSight offers a Flexible Income Drawdown arrangement where you keep your pension savings invested and withdraw income as and when you need to. It is an alternative solution to purchasing an annuity or cashing-in your retirement savings. Our online tools help you understand when your savings are likely to run out. If you haven’t been a member of LifeSight Savings, you would transfer in your pension savings in to LifeSight at the point when you want to start accessing them.

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.

But no matter which phase of LifeSight you are a member of, you can be safe in the knowledge that the board of independent Trustees are working in your interests. They oversee all decisions around the investment choices and the journey that LifeSight will give you.

What can I expect?

All our services are delivered online and once a member, through your LifeSight Account. You will be able to use our tools to help you understand your pension, see the value of your retirement savings, view and amend your current options and read more information and guidance. You can also expect to receive timely emails supporting you through any decisions you need to make and helping you to focus on the important issues.

What makes LifeSight Different?
  1. The LifeSight AgeOmeter tools help you to see the bigger picture of your retirement savings and understand when you might be able to afford to retire.
  2. It’s simple to use; everything you need is online. But if you do need more help, we have a team ready to take your specific questions.
  3. Personalised communications direct you on your member journey at a time when you most need them.
  4. A free advice service at retirement for LifeSight Savings members.
  5. The ability to access your savings through LifeSight Spending.
  6. LifeSight’s Independent Trustee board oversee the management of LifeSight to maintain and evolve a high quality product that works to deliver better member outcomes.
Does LifeSight provide services to members post retirement?

Yes – fully flexible income drawdown is available to all LifeSight members. This service allows members to withdraw the savings in their LifeSight Account as and when they need to.

The LifeSight Account remains invested and members are given comprehensive ongoing support and tools to help them choose investments to help them make their money last as long as they need it to.

How do I access more information about LifeSight?

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 by post, so please make sure your employer has an up-to-date address for you.

For current LifeSight members:  You should have been given access to our online services. If you are struggling to access your LifeSight Account, please contact the LifeSight Team at: lifesightsupport@willistowerswatson.com

How is my LifeSight Account invested?

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

Typically Savings members will be put into a default fund but can change investment strategy by taking more or less investment risk and by changing their retirement objective between drawdown, annuity and cash. Members who want to take more control over their investments can build their own investment strategy using Flexicycle or choose from a range of self-select funds.

You will be able to learn more about your investments in the online LifeSight Account which includes an Investment Guide.

How much will I get at Retirement?

LifeSight has a simple tool, the ageOmeter which tells you when you will be able to afford to stop work and have a reasonable level of income. You also have access to the Savings Planner which helps you to understand how much your savings may be worth when you retire. Both tools help you to put all of your retirement savings together from other schemes, other investments and the State pension so that you can see a bigger picture of your retirement finances.