Siemens Investor Plan has moved over 30,000 active and deferred pension members to the Standard Life Master Trust following a member consultation.
The implementation concluded at the end of 2023 and saw over £1.6bn (€1.9bn) of assets from Siemens Investor Plan move over to Standard Life.
It is understood to be the largest move from an own trust to a master trust in the UK market to date, based on the value of assets under management, Standard Life announced.
Siemens’ defined contribution (DC) adviser Isio supported the joint working group through the provider selection exercise. The working group was made up of both Siemens and trustee representatives.
Jo Udall, EMEA benefits lead at Siemens, said: “This move is another step for us in improving our offering for our people. We’re a technology company in a competitive employment market, seeking the best talent who can help our customers transform their businesses for the future.
Udall said that in moving to a master trust arrangement, Siemens was looking not only for a company that could handle a transaction of this size but that would become a partner in managing the pension arrangements for its 30,000 members.
She added: “Standard Life’s culture also reflects our own, giving us the added confidence in building a long-term relationship.”
Standard Life’s on-going focus on digital developments, member engagement and its positive commitment to future investment as well as development of the master trust arrangement further reinforced Siemens’ decision to make this “important” appointment, Udall said.
Gail Izat, managing director for workplace at Standard Life, said: “To be selected by Siemens as master trust provider for one of the biggest pension schemes in the market marks a significant milestone for our business and reflects the significant progress we’ve made in recent years to deliver a leading workplace proposition.”
Izat added that Standard Life has been steadily developing its capability, investing in its proposition, its fund selection and digital capability to engage members.
But “it’s people who win business and build relationships”, Izat pointed out, adding that the transaction was made possible thanks to the exceptional collaboration and engagement between all parties involved.
She said: “We have worked in close partnership with the Siemens team to facilitate the transition to our master trust and we look forward to helping members in the years ahead achieve greater certainty as they continue to save for their futures.”
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