LifeSight master trust wins £420m from new client

LifeSight has been appointed as master trust provider to Morgan Sindall, adding £420m (€490m) in assets under management (AUM), bringing LifeSight’s total assets to £21bn.

The master trust provider will look after the defined contribution (DC) pension plan of 9,300 current and former employees from the six divisions of Morgan Sindall Group, a British construction and regeneration company.

In total, LifeSight – a master trust set up by consultancy WTW – now looks after 415,000 members.

LCP was appointed to advise Morgan Sindall Group and ran a whole-of-market review, including a competitive tender process. LifeSight was selected following this process, in particular for its high-quality member engagement approach and closely personalised support for individual members.

Paul Marriott, group tax and treasury director at Morgan Sindall Group, said: “Given our six employing entities, each with its own underlying pension structures, we were very mindful of the complexities and nuances of our pension scheme.

“We sought a provider that had the experience and flexibility to really tailor its offering to our needs and that’s what impressed us about LifeSight.”

He added that the master trust’s “careful and selective growth strategy” also ensured Morgan Sindall Group had the resources to “get the transition to LifeSight absolutely right”.

“These aspects in particular contributed to a very smooth implementation process, with high levels of member engagement throughout,” Marriott noted.

Jelena Croad, head of LifeSight UK, said the appointment was a “great example of where LifeSight really excels”.

She said that Morgan Sindall has a complex scheme structure requiring a highly bespoke approach, adding: “The Morgan Sindall team conducted an extremely thorough market review and knew exactly what they needed for their membership.”

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