LifeSight has been appointed as master trust provider for science, technology and engineering solutions company, KBR, for its 6,400 UK defined contribution (DC) pension scheme members.

As part of the project, KBR also gave employees from recently acquired organisations the option to transfer their DC pension provider to LifeSight at the same time.

One such organisation – engineering systems consultancy, Frazer-Nash, which was acquired by KBR in October 2021 – has 800 UK DC pension scheme members.

After a consultation process and “tailored” communication programme led by LifeSight’s implementation team, 95 per cent of Frazer-Nash employers opted to transfer their accrued funds into the UK master trust.

In total, approximately £350m of KBR members’ assets were transferred to LifeSight’s care between July 2021 and September 2022 as part of an onboarding programme for each separate entity involved.

LifeSight UK head, Jelena Croad, commented: “We are delighted to have successfully onboarded all KBR’s DC members from across the organisation’s portfolio of companies and brands.

“This was exactly the kind of complex onboarding process that we specialise in, and we look forward to introducing KBR’s members to our unique tools and technologies that will help them to understand and manage their retirement savings effectively.”

LifeSight trustee board chair, Jane Platt, added: “On behalf of the LifeSight Trustee Board I would like to thank KBR for putting its trust in LifeSight to look after its members’ DC pensions.

“We are committed to providing all our members with the highest-quality service combined with robust and independent oversight.”

With the addition of KBR’s membership, LifeSight now manages the pensions for around 300,000 members with around £14bn secured in assets under management.

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