Lifesight has been appointed as master trust provider for KBR, for its 6,400 UK defined contribution (DC) pension scheme members totalling about £350m.
Employees from recently acquired organisations were given the option to move their DC pension provision to LifeSight at the same time as part of the project by KBR.
Between July 2021 and September 2022, KBR members’ assets totalling about £350m were moved to LifeSight’s custody as part of a carefully thought-out and customised onboarding approach for each individual entity involved.
KBR UK benefits manager Amit Roychoudhury says: “Choosing the right master trust provider was a big decision for KBR and its UK pension scheme members. As a multifaceted organisation, we needed to be sure that the provider we chose would be able to handle the complexity involved in onboarding employees from several different organisations that had recently joined the KBR family. LifeSight was able to demonstrate its expertise and flexibility in this kind of operation, as well as a commitment to member services, a fully independent governance structure and investment in technology that stood out in the market. LifeSight’s investment options and commitment to sustainability was something we tested robustly and it came through with flying colours”
LifeSight UK head Jelena Croad says: “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 says: “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.”
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