LifeSight has been appointed as master trust provider for leading 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 provision 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 dedicated in-house implementation team, 95% of Frazer-Nash employees opted to transfer their accrued funds into the UK master trust.
In total approximately £350 million of KBR members’ assets were transferred to LifeSight’s care between July 2021 and September 2022 as part of a carefully planned and bespoke onboarding programme for each separate entity involved.
Amit Roychoudhury, UK Benefits Manager at KBR said: “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 their expertise and flexibility in this kind of operation, as well as a commitment to member services, fully indepedent 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”
Jelena Croad, Head of LifeSight UK, said: “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.”
Jane Platt, Chair of the LifeSight Trustee Board said: “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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