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  • Defined Contribution

Quarter of schemes switch to DC master trusts; a further half planning similar move

Ball: Projects are becoming increasingly more sophisticated
Ball: Projects are becoming increasingly more sophisticated
  • Jonathan Stapleton
  • Jonathan Stapleton
  • @jonstapleton
  • 10 February 2021
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Transfers to defined contribution (DC) master trusts will continue well into 2021, latest research from Sackers reveals.

The law firm's poll of 66 employers and trustees showed that 25% of respondents had already moved to a DC master trust, with 50% planning to either do so in the future, or at least signpost a DC master trust as a retirement option for their members.

Sackers partner and head of DC Helen Ball said: "These results do not come as a surprise. Originally, the move to a DC master trust was thought of as a wholesale move; transferring all of the members from one DC vehicle to another. However, recent experience, and our survey, have clearly shown that projects are becoming increasingly more sophisticated. A large range of different projects are now being considered, including transferring deferred members only or DC sections of hybrid schemes to a DC master trust.

"We expect this trend to continue for some time. Even where employers are not looking to transfer their members to a master trust right now, they are becoming more interested in the role that master trusts could play in providing support to employees at retirement. When coupled with appropriate guidance, this can be a useful way of providing employees with access to drawdown arrangements without having to add more complexity into the employer's own pension scheme."

Ball concluded: "DC master trusts are now firmly embedded in the fabric of the industry and will continue to be an intrinsic component in the delivery of benefits for the majority of employers and trustees in the future. Our advice to any considering such a move is simple: involve all parties early on in the discussion and work together as a team to create an efficient and well managed project."

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More on Defined Contribution

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  • Defined Contribution
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A five-point process is designed to help schemes get ready
Consolidating DC schemes urged to act before 'capacity crunch'

Trustees must undertake a five-step process urgently if they are seeking to move their single-employer defined contribution (DC) scheme into a master trust, says Premier.

  • Defined Contribution
  • 17 February 2021
Workplace savings fintech Cushon has expanded its acquisition target to include pension-focused businesses as well as master trusts.
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  • Defined Contribution
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Nest said members have been able to continue saving in the same way
AE remains resilient despite pandemic and pension contribution increases

Auto-enrolment (AE) remained resilient during the Covid-19 pandemic and in the wake of minimum contribution increases, according to a report by Nest Insight.

  • Defined Contribution
  • 10 February 2021
Richards: Trustees and employers of occupational DC schemes may want to move quickly to avoid the rush
The capacity crunch facing DC scheme transfers to master trusts

Stephen Richards says government regulation will herald an ‘avalanche’ of DC scheme transfers to master trusts. He sets out his predictions and a word of caution.

  • Defined Contribution
  • 10 February 2021
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