Electricity North West has appointed WTW’s defined contribution (DC) master trust, Lifesight, as the new master trust provider for all its UK DC pension scheme members, following a comprehensive competitive tender.

LifeSight went live for all active members in October 2023, with all assets and remaining members transitioning into LifeSight’s funds before the end of 2023.

As part of its member onboarding programme, the LifeSight team also visited the company’s main sites and delivered roadshows for its members during summer 2023, which were tailored for Electricity North West and provided specific information about the new scheme and investment options.

The company also arranged for the LifeSight app to be automatically downloaded onto every eligible employee’s company mobile phone, to encourage members to engage with LifeSight’s digital services from the outset.

The scheme has nearly 2,750 members and £140m in assets under management.

Commenting on the appointment, Electricity North West group pensions manager, Colin Ross, stated: “As part of the move from our occupational DC pension scheme to the LifeSight master trust, we embarked on a thorough consultation process, engaging with our employees, existing trustees, trade unions and recognised employee forums to make sure members’ needs were fully reflected in any changes.

“The roadshows delivered by the LifeSight team were vital to make sure that all our pension scheme members had access to the same information, guidance and understanding about the changes taking place.

"We have a large number of members who are not fully office-based, so we were pleased that LifeSight offered the flexibility to help us ensure that everyone was fully engaged with these important and positive pension changes."

Adding to this, Lifesight head, Jelena Croad, stated: “Electricity North West has put engagement and value at the forefront of its move to a DC master trust.

“The roadshow programme was a great part of the onboarding process and its decision to automatically download the LifeSight app onto everyone’s company mobile phone really gave a boost to engagement levels right from the beginning.

“We look forward to continuing to work closely with Electricity North West and its members to provide them with confidence and security in their retirement savings.”

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