Consumer healthcare company, Haleon, which was established as a corporate spin-off from GSK in July 2022, has appointed LifeSight as defined contribution (DC) pension scheme provider for its 2,000 UK members.
Formerly part of GSK’s DC pension scheme, Haleon’s DC members became members of LifeSight in April 2022 as part of a carefully planned transition ahead of the spin-off. GSK and LifeSight worked closely together to ensure that these members had access to like-for-like services within the master trust arrangement including a replication of the investment strategy that was in place for GSK members.
To ensure continuity for the members involved, LifeSight also arranged for the transition of members’ existing assets totalling £135m as swiftly as possible, and again ahead of the corporate spin-off in July 2022.
Ketan Patel, Head of EMEA and APAC Benefits at Haleon
“Ensuring the smooth transfer from GSK’s pension scheme, with no disruption for employees, was an important requirement during Haleon’s spin-off. All employees transferring over to the new company were to receive a like-for-like pensions structure, which LifeSight was very flexible about. GSK already had a very positive relationship with WTW, so we knew it could be trusted to deliver, but we were hugely impressed by the seamless implementation and transition that LifeSight was able to manage under challenging circumstances.”
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