The UK pension scheme for the IT services and solutions provider Fujitsu has moved its defined contribution (DC) members into LifeSight, Willis Towers Watson’s master trust.
The trust will take on 17,000 new members and £730m (€837m) in assets. With this addition, alongside other recent wins, LifeSight’s total membership has reached 185,000 and assets under management worth £7.5bn.
Paula Evans, head of pensions and benefits at Fujitsu UK & Ireland, said: “Moving our members into LifeSight has enabled Fujitsu to re-launch pensions with LifeSight using its highly innovative and engaging tools, communications and online member accounts.”
She added that the master trust’s focus on the “effective use of technology to engage members at a personal level to help them through all of their pensions journey both before and after retirement really resonated with us”.
LifeSight will take full responsibility for the management of Fujitsu DC pension provision, providing independent governance and full access to post-pension freedom decumulation options with financial advice included to support members’ decision making.
Fiona Matthews, managing director of LifeSight, said: “This addition of Fujitsu to the trust is another important step in the growth and development of LifeSight, and with the master trust market fully authorised and regulated, we’re expecting more organisations to review their pension provision in the coming year.”
According to Lifesight, running a DC pension scheme “is becoming complex and costly for a lot of employers”.
Last April, the pension fund trustees of collapsed outsourcing company Carillion agreed to transfer the group’s DC funds into LifeSight.