Telecommunications business Vodafone has completed a pension transfer of 45,000 members of its UK defined contribution scheme to a master trust arrangement.
Previously, Vodafone ran its own single-employer trust-based DC scheme for its members but wanted to provide greater flexibility for members at retirement, as well as provide more environmental, social and governance (ESG) options for members. The assets under transfer are worth £1.4 billion.
The introduction of the master trust, provided by LifeSight, saw 70% of Vodafone employees using their new account.
Kate Grant, head of pensions and benefits at Vodafone, said: “The transfer of our DC pension plan to LifeSight was designed to give members greater control of their savings. LifeSight has particularly strong financial wellbeing and savings consolidation tools, which we feel are increasingly important in the defined contribution market as members have more options and are faced with more decisions on how to manage their retirement savings.”