LONDON, 17 September 2015 – Towers Watson announced today that its master trust, LifeSight, has gained the Pension Quality Mark (PQM) READY standard in recognition of its outstanding communications and good governance.
LifeSight is one of the elite few master trust schemes in the UK to gain the accreditation. By achieving master trust assurance, LifeSight will be identified by employers as a master trust that promotes best practice around charges and scheme governance. It has proven that member communications are clear, regular and engaging and that independent trustees review how well the scheme is run and whether it is meeting employees’ needs.
Fiona Matthews, Managing Director LifeSight, Towers Watson’s master trust, stated: “We are delighted to be one of the elite schemes to be awarded this important mark of quality assurance. PQM READY is an independent standard that recognises good quality defined contribution pensions. It reflects the confidence that independent assessors of quality have in our scheme and demonstrates our strong position in the market. At LifeSight, we put members at the heart of everything we do. In particular, we ensure we regularly communicate with members and actively engage them in managing their savings, so they can enjoy a secure and happy retirement.
Julian Mund, Executive Director, Pensions Quality Mark stated: “We congratulate LifeSight in gaining this independent accreditation which endorses its commitment to maintaining the highest industry standards and best practices. PQM READY is a key mark of quality and assurance which helps employers and individual savers gain confidence in schemes that have the accreditation. We hope that Towers Watson’s achievement will encourage other master trusts to follow suit.”
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.
About PQM READY
The PQM READY is an award which can be achieved by good quality Master Trusts. In order to receive accreditation, schemes are independently and rigorously assessed in the areas of governance, charges and communications. The award cuts through the complexities of the pensions landscape and gives a clear message that a Master Trust has been assessed and is of good quality. Employers looking to join a Master Trust can have confidence that they have made a good choice if they select a PQM READY scheme.
About LifeSight, Towers Watson’s master trust:
LifeSight is an independently managed and fully outsourced DC pension solution for the UK market, providing best-in-class pension’s expertise that gives members a personalised cost-effective experience to improve outcomes. Towers Watson has extensive experience of transitioning pensions to a range of pooled structures in the UK and through its master trust programme abroad which includes offerings in Germany, South Africa, Belgium and the Netherlands.