Direct Line Group will be transferring its DC pension scheme into LifeSight’s master trust.
This transfer will boost LifeSight’s assets by £425m and will add 16,5000 members to the scheme.
The Direct Life DC Pension Scheme contains deferred-only members, meaning members are no longer accruing retirement contributions in that scheme. LifeSight has now taken on the entire management of the scheme, including independent Trustee oversight, administration and investment management.
As part of the transition, LifeSight developed a microsite in order to help Direct Line’s trustee communicate with members and host details of the new arrangement. LifeSight also arranged the bulk transfer of assets, with equivalent investments provided for all members, in line with members’ preferences.
LifeSight UK head Jelena Croad says: “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 the level of service to clients and members who often have complex and highly tailored requirements.”
LifeSight now looks after the pensions for 325,000 members with approximately £14.5bn of assets secured under management.