WTW’s UK defined contribution (DC) master trust, LifeSight, has reached £20bn in assets under management, it has announced.

This follows the number of pension scheme members covered by the master trust exceeding 400,000 after several schemes joined the master trust recently.

This number includes over 5,000 members in LifeSight’s post-retirement drawdown section.

Last month, LifeSight announced it would provide its DC savers access to diversified, return-seeking illiquid asset classes, such as private equity, within its default funds.

The master trust's investment strategy is focused on sustainable returns aligned with its net-zero commitment made in 2021.

Additionally, in the same year, LifeSight allocated nearly £1bn to a new Climate Transition Index Fund as part of its default investment strategy.

The master trust also launched a member portal, a dedicated app and age-o-meter tool, which enables members to understand and manage their retirement savings and investments.

Commenting on the milestone, LifeSight UK head, Jelena Croad, said the growth of LifeSight makes it one of the “largest and most successful” master trusts in the UK by asset size.

“The scale of LifeSight makes it viable to invest in new technologies, tools, and services that enhance members’ experience and understanding of their retirement savings,” Croad added.

“In addition, we have successfully been able to leverage our scale to ensure members continue to receive the best value from our high-quality investment options.

“The DC pensions industry is fast-moving and highly competitive and we intend to continue to evolve LifeSight and innovate the proposition to ensure our clients and their members receive the best that WTW has to offer.”

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