Delegates who attend Employee Benefits Connect 2016 will have the opportunity to gain insight into the future of master trusts in defined contribution (DC) pension provision in a conference session hosted by Willis Towers Watson.
During the session, Fiona Matthews managing director of Life Sight at Willis Towers Watson and Richard Veal, line of business leader (UK), reward, talent, communication and change management at Willis Towers Watson, will discuss exactly what master trusts are and how they have evolved.
The session will also cover how master trusts have revolutionised the UK pensions market, how to communicate pensions in the digital age, and how to ensure a master trust meets the needs of both an organisation and scheme members.
Matthews (pictured) said: “Over the last 20 years, DC pensions provision has gone from being offered by a minority of employers to a position where now almost all FTSE 350 firms offer DC arrangements as their primary pension plan.
“As you may expect for any product that has seen such a stellar rise in a competitive environment there have been significant innovations in the market.
“Offsetting this, legislation has also swept in, complicating what is at heart a simple saving mechanism but, at the same time, ensuring that members’ funds are safe and well governed.
“Master trusts are a viable and indeed preferable option for pension provision for a large number of employers. What is important is selecting the right trust to meet [their] needs in a growing market. [This] session will hopefully equip attendees with the information they need to ask the right questions and prioritise what is important for them.”
Veal added: “Having a robust, multi-channel pensions communication strategy that connects with people at a personal level is key to engagement. There is no doubt that strategies need to be sophisticated to reach people in the right way at the right time, and to do this effectively, investing in understanding employees is key.
“One of the key strengths of master trusts is that they have the resources and expertise to implement highly automated, systematic approaches to member interaction, but which still engage people in a personalised way that is meaningful to them as individuals.”
Employee Benefits Connect 2016 will take place on 9 March at the Lancaster London.