Towers Watson launches UK DC master trust

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Towers Watson, the consultancy and solutions provider, has added a UK DC master trust to its programme of master trusts serving markets such as South Africa, Germany and the Netherlands.

Fiona Matthews, as managing director of the company’s Master Trust programme, will lead the new trust, while Donald Brydon will chair the independent trustee board, which governs the trust.

Paul Morris, EMEA head of Towers Watson, said: “We have a very long and successful history of working in partnership with our clients in the UK and they have told us what they want for their DC plans and which types of long-term savings vehicles would work well for them in the future.”

“While cost-effectiveness and governance are clear priorities, what they want is to provide a quality member experience with design and functionality that extends beyond today’s DC pensions needs and into tomorrow’s liberalised savings environment. We will address these priorities through a scalable, multi-employer master trust by combining our deep expertise in pensions administration, governance, communications and investment. We believe this approach, under Fiona’s leadership, makes for a different and compelling offering which is unavailable anywhere else. We are delighted that Donald will chair the trustee board and look forward to benefiting from his considerable experience.”

Towers Watson said the new trust is aimed at clients looking for trust based schemes with costs similar to contract based pensions

“It allows for larger-scale pooling of assets than traditional single-employer trusts, resulting in economies of scale and increased purchasing power that benefits both employers and members,” the consultant said.

It estimates that UK DC assets will grow about 11% annually, and triple in size over the coming decade. Drivers include automatic enrolment in company pension schemes as well as increases in minimum contributions mandated by regulations.

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