Construction company Morgan Sindall has selected WTW’s LifeSight master trust as its new defined contribution (DC) provider.
The move will see 9,300 members of the firm’s existing DC offering transfer to LifeSight along with £420m in assets.
The transfer brings LifeSight’s total assets to more than £21bn and its membership to 415,000.
Paul Marriott, group tax and treasury director at Morgan Sindall Group, said: “Given our six employing entities, each with its own underlying pension structures, we were very mindful of the complexities and nuances of our pension scheme. We sought a provider that had the experience and flexibility to really tailor its offering to our needs and that’s what impressed us about LifeSight.
“Its careful and selective growth strategy also ensured we were given the resources to get the transition to LifeSight absolutely right. These aspects in particular contributed to a very smooth implementation process, with high levels of member engagement throughout.”
Consultancy group LCP conducted a market review and tender on behalf of Morgan Sindall, before selecting LifeSight.
Jelena Croad, head of LifeSight UK, said the scheme’s complex structure required “a highly bespoke approach”, and praised Morgan Sindall as “an organisation that is committed to working with us to achieve high levels of member engagement”.
Morgan Sindall completed a full buyout of its defined benefit scheme with Aviva last year.
Further reading
LifeSight to back private equityLTAF launch (15 April 2024)
Regulators propose ‘red-amber-green' Value for Money framework (8 August 2024)
Smart Pension to acquire Options master trust (16 July 2024)
