LifeSight master trust has passed €2bn in assets under management (AUM) in Ireland, with more than 130 employers as its clients, as employers prepare for the arrival of auto-enrolment.

LifeSight, which is run by WTW, attributed the demand for its master trust to growing interest in “finding the most efficient and effective options to meet new EU standards about pension transparency and governance”.

From 1 January 2024, employers in Ireland will be required to automatically enrol their employees into a pension scheme for the first time. This will require employers to ensure that their payroll systems are ready. They will also need to make ongoing checks on which members of their workforce are eligible and arrange requests to opt out or suspend contributions.

In addition, employers will need to establish whether their existing pension scheme meets the qualifying criteria for auto-enrolment

LifeSight added that due to the upcoming changes employers are increasingly opting in for master trust membership because it removes “many of the governance and HR burdens on employers that are associated with running a pension scheme, and also creates economies of scale to reduce fees and to invest in key areas, like communicating with savers”.

Maria Quinlan, head of Lifesight in Ireland, said: “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.”

She added that 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”.

She added: “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.”

Read the digital edition of IPE’s latest magazine