KBR, a UK science, technology and engineering solutions company, has selected WTW’s LifeSight as master trust provider for its 6,400 UK defined contribution (DC) pension scheme members.
As part of the project, KBR also gave employees from recently acquired organisations the option to transfer their DC pension provision to LifeSight at the same time, it was announced.
One such organisation – engineering systems consultancy Frazer-Nash, which was acquired by KBR in October 2021 – has 800 UK DC pension scheme members. After a consultation process and tailored communication programme led by LifeSight’s in-house implementation team, 95% of Frazer-Nash employees opted to transfer their accrued funds into the UK master trust.
In total approximately £350m of KBR members’ assets were transferred to LifeSight’s care between July 2021 and September 2022 as part of a carefully planned and bespoke onboarding programme for each separate entity involved, Insight disclosed.
Amit Roychoudhury, UK benefits manager at KBR, said: “Choosing the right master trust provider was a big decision for KBR and its UK pension scheme members. As a multifaceted organisation, we needed to be sure that the provider we chose would be able to handle the complexity involved in onboarding employees from several different organisations that had recently joined the KBR family.”
He noted that LifeSight’s expertise and flexibility, as well as a commitment to member services, fully indepedent governance structure and investment in technology “stood out in the market”.
“LifeSight’s investment options and commitment to sustainability was something we tested robustly and it came through with flying colours,” Roychoudhury added.
Jelena Croad, head of LifeSight UK, said: “We are delighted to have successfully onboarded all KBR’s DC members from across the organisation’s portfolio of companies and brands. This was exactly the kind of complex onboarding process that we specialise in, and we look forward to introducing KBR’s members to our unique tools and technologies that will help them to understand and manage their retirement savings effectively.”
With the addition of KBR’s membership, LifeSight now manages the pensions for around 300,000 members with around £14bn secured in assets under management.
Merseyside scheme picks Redington as strategic investment adviser
The £10bn Merseyside Pension Fund, with around 140,000 members mostly located in the Greater Merseyside area, has selected Redington as strategic investment adviser.
Redington has been appointed on a retained basis with an initial term of three years and will partner with the fund’s investment team to support on all areas of investment strategy, with a particular emphasis on responsible investment (RI).
To this end, one of Redington’s first priorities will be to help deliver an ambitious Change Programme over the next 12-24 months, it was announced.
This encompasses delivery of a net zero action plan and wider RI strategy; a full review of the fund’s equity, fixed income and private markets portfolios; and a wider review of its risk management arrangements.
Another key objective is to consolidate the fund’s strong funding position whilst continuing to meet its wider strategic objectives, Redington said.
Peter Wallach, director of pensions at the scheme, said: “Merseyside Pension Fund is at a critical juncture in its journey – as well as looking to consolidate a strong funding position we are undertaking a detailed Change Programme, reviewing all areas of investment strategy inclusive of net zero.”
He said that Redington “bring a fresh, innovative perspective and a straightforward approach to solving problems”.
The procurement was formally completed in October 2022 and reflects Redington’s expanding presence in the Local Government Pension Scheme (LGPS) market, where it has also been appointed to the National LGPS Framework for investment management consultancy services, which launched in November, the consultancy added.
Redington’s head of LGPS, Jill Davys, said: “Merseyside is a highly dedicated scheme with a strong track record of delivering for members, and we welcome its commitment to responsible investment and to channelling its influence for greater good. The team and I look forward to supporting them on that long-term journey while helping to navigate current conditions in an increasingly complex investment landscape.”