Friends Life has launched a master trust to provide employers with a contemporary and flexible pension scheme which benefits from the governance of an entirely independent trust-based arrangement. The master trust aims to help deliver better outcomes for members in retirement as an increasing number of people will be investing in a pension for the first time, as a result of automatic enrolment.
Friends Life has selected industry experts Pitmans Trustees Limited (PTL) as sole trustees for the newly-launched master trust. PTL have appointed KPMG as the investment advisers and Squire Sanders as the legal advisers. Friends Life will provide the administration and investment platforms.
Core and enhanced versions of the master trust are available. The core master trust will benefit employers requiring a quality, independently governed pension offering. The enhanced version can be tailored to meet the needs of an employer requiring a higher level of flexibility, for example white labelling of communications materials, including microsites.
Martin Palmer, Head of Marketing, Corporate Benefits at Friends Life, commented:
“Following the introduction of automatic enrolment, more employers are becoming increasingly responsible for the governance of their company pension schemes.”
“This involves employers making important financial decisions on behalf of their employees, often without the benefit of expert and independent advice. Master trust is a convenient, flexible, cost-efficient and safe way for employers to provide a pension solution designed with their employees’ future financial wellbeing in mind. Our new proposition combines strong, independent external governance, innovative member communications solutions and great service.”
Richard Butcher, Managing Director, PTL, commented:
“I am delighted Friends Life has selected PTL to act as the sole trustee for its master trust. Its aim right from the start was to provide a master trust that offered truly independent governance, plus a range of options designed to give employers flexibility. I believe the Friends Life master trust delivers on those aims.”
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