CMS Supports lifesight in becoming the first authorised master trust

CMS is delighted to have helped LifeSight become the first authorised master trust under the Pension Regulator’s new authorisation regime for defined contribution master trusts.

CMS worked closely with the LifeSight team following the initial authorisation legislation coming into force in 2017, and supported the team to ensure that LifeSight’s application for authorisation met the detailed requirements of the new legislation.

Keith Webster, CMS Pensions Partner says: "We have worked with LifeSight since its inception through to it becoming a leading player in the master trust market. Becoming the first authorised master trust is a testament to the hard work of the LifeSight team and their determination to demonstrate that LifeSight’s governance satisfies all the requirements of the new regime. It’s a very positive development for LifeSight and for the sector more generally. "

David Bird, Head of Proposition of LifeSight says: “A major reason why we were able to get ahead and become the first authorised master trust is the clarity of the governance model which has the LifeSight Trustee at the centre of the proposition responsible for commissioning of services and oversight. The clarity of CMS’ vision and advice helped us set up in the right way and has stood us in good stead in marketing the offering, running the scheme and reaching the milestone of authorisation.”

The CMS Pensions team is one of the UK’s foremost and largest teams of pension lawyers, advising trustees, employers, consultants and insurers on all aspects of pensions law, including litigation. The team are market leaders advising in the DC master trust market and in relation to DB consolidation vehicles and are currently advising a number of other DC master trusts on their authorisation applications to the Pensions Regulator.

The CMS team was led by Keith Webster and included Senior Associate Johanna Clarke and Associates Jade Hopson and Thomas Bates.