Direct Line Group Pension Trustee has appointed Willis Towers Watson (WTW)’s LifeSight to provide a master trust for 16,500 deferred members in the UK, which includes assets worth £425 million.
The company’s defined contribution pension scheme consists solely of deferred members, so it does not allow these individuals to accrue retirement funds. WT’s UK DC Master Trust is now managing the entire scheme, which includes Trustee oversight, investment management and administration.
To help with the transition, LifeSight created a microsite to enable Direct Line’s Trustee to communicate details of the new provision to its members.
LifeSight also organised the bulk transfer of assets, providing equivalent investments for all members in line with their 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.”
