master trust

Willis Towers Watson’s master trust says ‘vast majority’ of its £10bn AUM will be covered

The value destruction of a savers’ pension at the point of retirement is “huge” and personalised guidance is vital to prevent members knocking out years of savings, according to industry experts.

Legal & General saw flat movements in operating profit over the course of 2020, and a fall in profit after tax, although its retirement and investment management businesses grew.

Aviva secured record net flows of £8.5bn into its saving and retirement products in 2020, while bundled workplace assets under management grew by 14% to £81bn, its annual results reveal.

Stephen Richards says government regulation will herald an ‘avalanche’ of DC scheme transfers to master trusts. He sets out his predictions and a word of caution.

Around 5,000 Thermo Fisher Scientific UK pension scheme members have joined Aegon Master Trust, with £120m of assets transferred.

SEI has partnered with Moneyhub in a bid to enhance its master trust offering and help members improve their financial wellbeing.

The master trust industry is unlikely to breakeven on costs until around 2025, with the big four providers having already spent £1bn on setting up their offerings, research by the Pensions Policy Institute (PPI) finds.

Members of Phoenix’s defined contribution (DC) master trust will be allowed to access their pension savings via in-scheme drawdown.

There will be a “surge” of employers moving defined contribution (DC) occupational trust pension schemes to master trusts as lockdown eases and employees return to work post-furlough, Hymans Robertson says.