LifeSight now has €2bn of Irish retirement savings as assets under management and counts more than 130 employers as its clients.
According to the firm, the demand for LifeSight in Ireland is rising due to interest in efficient pension options to meet new EU standards, while employers are gearing up for auto-enrolment requirements starting in early 2024.
LifeSight is run by global consultants WTW, who have provided pension solutions to Irish companies for over 15 years. Its master trust enables multiple employers to share a pension structure, streamlining processes and reducing fees.
As of January 1st, 2024, Irish employers might need to automatically enrol employees in a pension, necessitating payroll preparation, eligibility checks, opt-out facilitation, and assessment of existing schemes’ auto-enrolment eligibility.
LifeSight head in Ireland Maria Quinlan says: “We are thrilled that LifeSight’s success and growth have taken us to this key milestone, and we look forward to helping many more people save for their retirement. Employers are preparing for big reforms around pensions, with the expected arrival of auto-enrolment early next year, and they recognise that their staff really value a good pension.
“Many are choosing to join a master trust or to transition into one from their current pension approach. This is a critical time for the Irish pensions market, and we expect master trusts to become the dominant form of pension provision in the private sector.
“Master trusts are proving popular because size and scale are big advantages when it comes to running a high-quality pension. They enable investment in consumer-focused technology platforms, as well as better communications, governance, and investment strategies. At LifeSight we ensure we are independent from individual investment managers and our pricing is fully transparent.”
