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United Kingdom : LifeSight secures master trust assurance framework and calls for accreditations to be mandatory.

Towers Watson announced today that its master trust, LifeSight, has gained the master trust assurance framework (MAF) accreditation developed by the Pensions Regulator (tPR) and The Institute of Chartered Accountants in England and Wales (ICAEW). This adds to LifeSight s other master trust accreditation, the PQM READY assurance, making it one of the few master trusts to have achieved both.

Fiona Matthews, managing director of LifeSight, said, This is an important milestone for LifeSight as we set out at the beginning of the year to achieve both of these assurances, and to be the first major consulting firm to do so for their master trust. We strongly feel that a small group of serious players are emerging from the fast growing master trust market who are well funded, well governed and provide good value and great service to members.

The Master Trust Assurance Framework makes it much easier for employers to differentiate between providers at a time when master trusts are gaining in popularity. Both MAF and PQM READY require major investment but we believe that the Pensions Regulator should make it mandatory for all master trusts to achieve this status within a set timeframe. In an emerging and fast growing market like this, employers need to know that their member s savings are safe. Mandatory accreditations would go a long way to providing confidence in the providers and develop a reputable and trustworthy industry.

LifeSight is Towers Watson s defined contribution multi-employer pension trust. Employers benefit from high-quality, lower risk, market-competitive pension provision without the governance burden. It delivers a leading-edge technology platform with administration services and combines them with proven excellence in investments and engaging communications.

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Publication:Mena Report
Geographic Code:4EUUK
Date:Nov 25, 2015
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