Circle K joins long list of employers in moving €40m pension assets into ‘master trust’ scheme LifeSight
A master trust is a type of pension that allows multiple different employers to share the same pension structure. Pictured, Gordon Lawlor, Circle K ireland MD. Photo: Frank McGrath
Circle K has become the latest major employer in Ireland to move its pension assets to LifeSight, a shared pension scheme that has attracted €1.5bn in savings from 120 employers since it launched a year ago.
The move brings around €40m in assets into the LifeSight master trust pension scheme, launched by global consultants WTW here last summer. A master trust is a type of pension that allows multiple different employers to share the same pension structure, instead of individual pension structures being set up for each company.
LifeSight began providing pension products in the Irish market 15 years ago. In addition to its master trust, it also offers a single employer trust service, which has been running for five years, with €1bn in assets. Circle K previously used this service before joining the master trust fund.
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