Investment - Articles - Carillion Pension Scheme moves to LifeSight Master Trust

Carillion Pension Scheme has moved its Defined Contribution (DC) members into the LifeSight master trust, which was the first to be authorised by the Pensions Regulator.

 Members from the three Carillion schemes, Carillion Pension Plan, the Planned Maintenance (Defined Contribution) Pension Scheme and the Carillion Retirement Plan, have been taken on by LifeSight with effect from 21 January 2019, increasing the trust’s membership by 4,100 and assets under management by £267m. With this addition, alongside other recent wins being implemented, LifeSight’s total membership and AUM will be 105,000 and £4.2bn respectively.
 LifeSight has taken on full responsibility for the management of the Carillion members’ benefits, tailored to suit the specific needs of the schemes and developed through a close working relationship with Carillion’s previous trustee, Independent Trustee Services Limited (ITS).
 Carillion members will benefit from an improved default strategy that targets a member-appropriate objective, providing a cost-effective approach, high quality independent governance and full access to post-pension freedom decumulation options.
 Fiona Matthews, Managing Director of LifeSight said: “Adding Carillion to LifeSight and becoming the first master trust to be authorised are major steps in our journey.
 “Carillion’s pension schemes have a unique set of circumstances, and we were delighted to be able to work with ITS to accommodate their particular requirements and for members to benefit from the member-first LifeSight service.
 “We expect that authorisation will give further confidence to trustees and employers who have been watching developments, and reassure them that moving to a master trust can improve pension outcomes.
 Dianne Day, Client Director at ITS, Trustee of the Carillion DC Pensions Schemes, said: 
 “LifeSight has been flexible and understanding throughout this process, in reflecting the particular needs of unfortunate scheme members whose sponsoring employers went into liquidation in January 2018. LifeSight offers a top level service and governance for an orphan membership base, which is particularly important given that there would be no continuity of employer sponsor or ongoing contributions in this unusual circumstance. The LifeSight implementation team have done an excellent job to setup and launch to our scheme members. Their project management capability made the process really streamlined for us and I was reassured and confident that it would be delivered well and on time.”
 “One of the most attractive parts of the project is being able to offer a high-quality default strategy for members that provides the full range of decumulation options, rather than the previous design which targeted annuities for all members.”

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