LifeSight has been appointed as the full master trust provider for advanced electronics provider Emerson.
LifeSight already offered drawdown solution to the company, but is now the master trust provider for all its active and deferred pension scheme members.
The transfer, which was intermediated by Muse Advisory, completed in April this year and boosts LifeSight’s AUM to £24bn. With this latest acquisition it now runs the pensions of 430,000 members.
This puts LifeSight, the DC master trust solution offered by consultants WTW, within touching distance of the £25bn ‘mega-fund’ target. The government has said it wants all DC workplace schemes to be this size by 2030, or have a credible plan to achieve this scale by 2035.
Emerson’s pensions manager said technology and member engagement were key factors when selecting a full master trust provider.
Emerson pensions manager Phil Lamb says: “Having conducted a thorough review of the market we were pleased to appoint LifeSight as our DC master trust provider. Its investment strategy, member communication and market-leading technology all stood out as the best fit for our members. LifeSight’s app has proven to be particularly popular with members since roll-out began, helping to increase engagement levels during this important transition.”
Jelena Croad, head of LifeSight UK, adds: “We have enjoyed a strong relationship with the Emerson Pension Scheme since being appointed as drawdown provider five years ago.
“The Emerson team have a very clear view of their members’ needs and conducted a thorough review of the market to find the right provider, so it’s a real endorsement to have been chosen to manage its members’ retirement savings.”
