The LifeSight master trust, which launched in 2015, now has 50,000 scheme members in the UK and a total of 100,000 members across five countries – the UK, Belgium, Germany, the Netherlands and South Africa.
The master trust’s decumulation proposition includes free advice at retirement, master trust oversight of drawdown and unlimited free withdrawals, although it targets customers with significantly bigger fund values than other master trusts on the market.
Fiona Matthews, Global Managing Director said: “We’re so pleased to achieve this important milestone, which reflects the significant growth in employers with larger, established DC schemes moving to a master trust rather than just being the pension solution of choice to meet auto-enrolment requirements.
“This year, market consolidation and industry regulation – such as the Pension Schemes Act – will provide employers with a clearer picture of the most credible pension providers in the sector. This is good news for members and employers alike; the master trust providers that thrive in this environment will do so because they are able to provide a market leading service to employers and pension scheme members.”