Electricity North West, a British electricity distribution network operator, has selected LifeSight, WTW’s UK defined contribution (DC) master trust, to be the master trust provider to all its UK DC pension scheme members.

The scheme has nearly 2,750 members and £140m (€164m) in assets under management. Having been appointed by Electricity North West following a comprehensive competitive tender, LifeSight went live for all active members in October 2023, with all assets and remaining members transitioning into LifeSight’s funds before the end of 2023.

As part of a comprehensive member onboarding programme, the LifeSight team visited the company’s main sites and delivered multiple roadshows for its members during summer 2023, it was announced.

The roadshows were tailored for Electricity North West and provided demonstrations of the new LifeSight services and specific information about the new scheme and investment options. “This created a foundation of strong engagement and positive endorsement among the membershi,” said LifeSight.

Colin Ross, group pensions manager at Electricity North West, said “As part of the move from our occupational DC pension scheme to the LifeSight master trust, we embarked on a thorough consultation process, engaging with our employees, existing trustees, trade unions and recognised employee forums to make sure members’ needs were fully reflected in any changes.”

He added that the roadshows were “vital to make sure that all our pension scheme members had access to the same information, guidance and understanding about the changes taking place”.

“Another important consideration which impressed us when choosing LifeSight was the excellent value and innovation offered by their investments and their ability to drive down investment costs using scale, passing those savings directly back to members,” Ross said.

Jelena Croad, head of LifeSight UK, said: “Electricity North West has put engagement and value at the forefront of its move to a DC master trust. The roadshow programme was a great part of the onboarding process and its decision to automatically download the LifeSight app onto everyone’s company mobile phone really gave a boost to engagement levels right from the beginning.”

The addition of Electricity North West’s membership means LifeSight now has approximately 360,000 members with £17bn in assets under management secured.

Looking for IPE’s latest magazine? Read the digital edition here